The property market in these towns has been absolutely trashed in the last year. I feel sorry for the people who invested in these towns at the top of the market.
Having said that does the current weak coal price represent a good buying opportunity? Coal will still be in demand for power generation for years to come (whilst gas slowly takes over....)
I'm fairly sure you could pick up a 3 bdr weatherboard place in these towns for around 250k maybe even less if you wait longer ( probably be mortgagee sales).
I'm also fairly sure that when the coal price is back up these towns will once again be bursting at the seams. Assuming the developers havn't wreaked their oversupply havock.
I think the lesson is here, always buy before the boom so that you are coming from a low buy in point and don't have the magic carpet pulled out from underneath you.
What has probably made it worse is that not only are a lot of the miners gone but also the former residents who took the money and ran for greener pastures. Also add on to it the developers building homes that are no longer needed and it makes for a sorry tail.
Anyone else have thoughts
Having said that does the current weak coal price represent a good buying opportunity? Coal will still be in demand for power generation for years to come (whilst gas slowly takes over....)
I'm fairly sure you could pick up a 3 bdr weatherboard place in these towns for around 250k maybe even less if you wait longer ( probably be mortgagee sales).
I'm also fairly sure that when the coal price is back up these towns will once again be bursting at the seams. Assuming the developers havn't wreaked their oversupply havock.
I think the lesson is here, always buy before the boom so that you are coming from a low buy in point and don't have the magic carpet pulled out from underneath you.
What has probably made it worse is that not only are a lot of the miners gone but also the former residents who took the money and ran for greener pastures. Also add on to it the developers building homes that are no longer needed and it makes for a sorry tail.
Anyone else have thoughts