WA Tom Price

Had an email from a Investment Company spruiking the benefits of the Western Australian Town of Tom Price.
Anyone have experience in this area, which according to the map us in the Pilbara Region.

 

Middle of freaking nowhere. Purely a mining town, so tied to the fortunes of the international iron ore price.
Don't even think about it.

 

U able to share more on what they said?

 

Buy.

 

Don't buy

 

ahhh just shut up and take my money

 

No room for negative attitudes here buddy

 

I started a thread on mining towns, WA on this list, check out how much property prices have fallen, its insane... I think Newman over 60% drop in property value..... ask yourself ... Are you feeling Lucky?

 

Yes i remember u posted something. Indeed, and i think it's still falling

 

ouch. when you consider the falls its mind blowing really. Then again I purchased in USA/Atlanta and property prices fell by a mere 70% ... double ouch.

 

but when look back, i remember all magazines, e.g. API are talking about port/south hedland, etc, and if they were attraching $3,000 rent, and $150k annual and with a house price of 700k, then it was cheap as only takes 5 yr to recoup the investments ( rough calculations). To be honest, who would think that it end so quick!!!!!!!!

 

Pretty well anyone with any idea of what was driving demand.

Blacky

 

1) Buy in mining towns
2) Go broke
3) Write a book about how going broke was the best thing that ever happened to you
4) Have everyone tell you are so inspirational

 

But isn't that strategy just for buying at the peak?
OP is referring to pants down market, can you still write the book or do you just live off the profité without the fan fare?

 

You just make yourself out as an all knowing guru only having invested in Sydney in 1 boom cycle, then live off mentor programs

 

Ah the the old mentor guru play
"It's immoral for a fool to keep their money" - murphys law

 

Theres better options out there than Tom Price if you want to play in that market.
Its still pricier than bigger towns that had more going for it when the boom was in full swing.

 

Yes I know, but rents now would be perhaps $750 pw, at a guess and then there is oversupply, what if you are waiting for 2 months to rent out a property. I know someone who purchased 3 properties... 1 Newman $900,000.
1 Port Hedland - $1,000,000 and Karratha $1,000,000. Chop off 50% of the value, still servicing debt, they are negatively geared, wont be long I think this person will be declaring bankruptcy.

 

... watch this space, this person is coming back in a big way... but for now you will have to wait

 

Making Lemonade when life gives you Lemons )