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So your saying that to buy in at Chinchilla you need a 30% deposit with no morgage insurance available?
That's a good and a bad thing.
? Bad because banks think it's high risk.
? Good because it might stop clowns from building new properties out there.
It will make it harder to sell properties and might drop the prices further.
Our property is still vacant I've been advised drop the rent to $280pw...
Is there still a compelling narrative to justify holding onto IP's in Chinchilla? I'd hate to be pulling the plug and crystallising losses but at some point it must have crossed your mind.
I'm not waiting for a market recovery to try and sell my PPoR in Emerald (fingers crossed it'll sell sooner rather than later), running the numbers on holding costs until a *potential* recovery make the risk vs reward not worthwhile in our case IMO.
We're in the same boat, built 2 x 4 bedroom townhouses in miles, been sitting empty for 9 months now costing us $700 per week to hold, a lot of pain and many sleepless nights. Have advertised to rent and to sell at very low prices, well below what it cost to build, still no luck and running out of ideas. Really hoping things pick up soonish and this is the bottom of the market.
Have to say it wasn't long ago people like Terry Ryder were spruiking the crap out of places like here and Gladstone etc, then when things changed they're the first to shout about the areas to avoid, useless.
So your saying that to buy in at Chinchilla you need a 30% deposit with no morgage insurance available?
That's a good and a bad thing.
? Bad because banks think it's high risk.
? Good because it might stop clowns from building new properties out there.
It will make it harder to sell properties and might drop the prices further.
It will make it harder to sell properties and might drop the prices further.
Hi Guy's
It's' been a while since my last post : )
I have been in Chinchilla since Christmas, when there were only 15 rentals available to choose from, but now I think there's maybe 230 available.
The projects with QGC and Origin are coming to a close, and by this Christmas most of the works will be completed.
The hope is that Arrow energy will commence it's projects out here which will boost things, but who knows when it will start. The rumours are April/March next year.
Fingers crossed.