QLD Chinchilla how is it going?

Just thought I would start a thread on the new site for Chinchilla. Has anyone got any news, views or updates on future of the town? Still looking bleak from where I am but I would love to hear different.

 

Still pretty rough at present, hard to get any sense out of anyone on what actually is happening or going to happen in the area, we've got property in miles which is in the same boat. Everything just stopped over night with governments allowing so much FIFO & DIVO @ having preference to camps after they encouraged all the development in the region which is quite criminal. I've been told from various industries reps & people involved in the industry that there no where near finished & they have to drill at least 80% more wells & that ther next part of the project will be bigger than what has already happened & this will be kicking off next year but who really knows, guess we've all got to wait & see. Governments have let these multi national companies ride ruff shod over them for to long taking the quick dollar off them rather than holding them accountable & setting up a sustainable long term viable industry & encouraging long term investment in the region. I grew up in the area & still have family there but have moved away for work years ago but still try & keep a close eye on things there. I don't have the answers but am hopeful that next year will outline where things will move. Patience is the key I'm afraid. The Gas n Mining companies are crying poor but they've never been in a better position in my opinion, they are just trying to drive the cost of everything down as far as possible & squash the competition before they all kick into gear again. Profits in both RE & commodities of a few years ago were unsustainable for everyone & just a bonus, they do there budgets on lower margins. Unfortunately when things are great we all get caught up in the wave. Summing up I'm confident of a return to 70% of what it was, to much has been invested in the region not to but I guess we'll have to wait & see. Think I'll be sticking to blue chip areas until the next down turn like this. Hope this helps mate, be good to hear it from someone who's got some solid facts tho.

 

No other comments. Has everyone sold up taken the loss and moved on?

 

There are people selling for great losses. There is a company buying brand new duplexes for half what they were worth march last year.
Origin are completing their leases and they have just increased the amount of beds in camp in Miles. The company who were managing the 100 townhouses in Miles have gone into receivership and therefore investors have lost their 3 year guaranteed lease.

Word is that February next year should see some activity as the gas needs to get onto ships at this time.

 

Not with the oil and gas price hitting 7 years low

 

But the pants are around the ankles for the AUD and contracts are in USD someone has a smile on their dial.

 

The cost is still based on usd.. So silently crying

 

all the way to the bank.....@god_of_money

 

1600 new jobs at $1.7b Surat Basin CSG project

Maybe some good news fingers crossed.

 

Sorry about firing up these old threads... Its just that I don't have anything in a exciting area to talk about .. I have just had a change of tenants in my Chinchilla IP and we managed to move the rent up $30 per week to $220 which is still ridicules for a 4 X 2 X 2 house but its a step in the right direction. If any of you have property out there might be worth talking to your PM about an increase.

 

27 year gas deal largest on east coast of Australia
Here's hoping .

 

Are there any people still invested in Chinchilla QLD at all?

 

I am, mainly because I couldn't cover the loss if I sold. My properties are now worth about $150k each and rented at $250 each. Personally haven't had large gaps between tenants.