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QLD Weipa

Discussion in 'Where to Buy' started by Jenko, 26th Nov, 2015.

  1. Jenko

    Jenko Active Member

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    I have been harping on about Weipa for awhile but it looks like a major announcement is very close with Rio's ceo paying the small town a visit.
    Rio to approve $US1b South of Embley
    Fingers crossed..
     
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  2. Jenko

    Jenko Active Member

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  3. Azazel

    Azazel Well-Known Member

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  4. HUGH72

    HUGH72 Well-Known Member

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    This is also indirectly a positive for Cairns as well.
     
  5. Jenko

    Jenko Active Member

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    Bauxite supply gets a boost from Rio's Weipa investment

    Yes I have two properties up in Weipa we have waiting patiently for the mine expansion for years. Hopefully it will do good things for the property market. Rio is expecting better returns then what they had with their iron ore mines in WA.
     
  6. larrylarry

    larrylarry Well-Known Member

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    @Jenko what do you think it will do for house prices in the long term? Rent and price? Is Weipa a mining town?
     
  7. Jenko

    Jenko Active Member

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    My houses are worth approximately $400 & $500k they return $750 & $850 and have for the last 6 years. I thinking the property will increase with demand and maybe a slight decrease when the mine goes into the run mode. Yes Weipa is a mining town however there is good tourism, Air Force base, army base, fishing industry, government offices, woolworths, etc, etc. Weipa is the capital of cape york.
    The mine will extend Rio's mine life for another 50 years with apparently the worlds best grade ore.

    It's worth looking into I think.
     
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  8. larrylarry

    larrylarry Well-Known Member

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    Median around $450k? That's a very good return you've got.
     
  9. Azazel

    Azazel Well-Known Member

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    Excellent.
    For your FIFO's?
     
  10. HUGH72

    HUGH72 Well-Known Member

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    No I don't think that's the case except for some contractors. I think most if not all RIO employees live there? The initial expansion would most likely require lots of temporary workers, 1200 apparently building the new infrastructure etc.
    The benefit for Cairns is more indirect in the supply of materials, tradesmen and general goods and services. The bauxite might be shipped directly to Gladstone but everything else including the movement of residents and employees goes through Cairns.
     
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  11. Azazel

    Azazel Well-Known Member

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    Good stuff.
    Could finally be some slightly good news for Gladstone?
    Have you heard any more talk of the development of the Bundaberg port?
     
  12. larrylarry

    larrylarry Well-Known Member

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    I thought most people will advise against buying in mining towns.
     
  13. HUGH72

    HUGH72 Well-Known Member

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    Haha... what a new flood levee bank in the middle of the city?:p
    Unfortunately the state government isn't smart enough to provide infrastructure where its required.
     
  14. bob shovel

    bob shovel Well-Known Member

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  15. bob shovel

    bob shovel Well-Known Member

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    It's a "mining town " but like Jenko said much more. Like a Mudgee perhaps.

    Do you know the new life of the mine/s up there @Jenko? The area was relying on that expansion to come through wasn't it.

    Jobs are advertised as relocate to the area. No FIFO.
     
  16. Jenko

    Jenko Active Member

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    Talking to someone that used to work for rio he was saying that South of Embley is a pre requisite for stage 3 Yarwun expansion. But I haven't heard anything official. Fingers crossed for that too.
     
  17. bob shovel

    bob shovel Well-Known Member

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    @Jenko are those prices for your places low? Has the area dropped in the last couple of years waiting for the expansion?
    Time to buy??
     
  18. Jenko

    Jenko Active Member

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    No prices have been pretty steady over the last 4 or 5 years. There are a few new homes for around $600 to $800k however the rent they get isn't much better, it's mainly long term locals that buy these properties wanting a nice place to live. I think it would be a good time to get into the market the prices and rents will have to increase once the construction ramps up but like always there is risk and people need to do their own research. There is a big land shortage in Weipa mining lease and aboriginal land so I can't see a mass of development flooding the market. Some of the new buildings have been built in parks and nature-strips I use to enjoy as a kid. Most of these property are built on small blocks or share land which doesn't really have the land needed to meet the Weipa life style. You need sheds for your boats, quads, camping gear, your 4x4, your Mrs 4x4, etc.. Most older houses are built on big blocks.
     
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  19. Crido

    Crido Well-Known Member

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    Haha ... this thread's a good read, considering my family has called Weipa home for the last eight years. Great news about the go-ahead of Amrun! It will benefit our generation and the first few decades of our kid's generation. I'd be careful investing in property up here though. Do your homework. There's been good returns for years now, but it really is a 'one horse town'. The majority of the population (and all things commerce-related to that population, except maybe the tourism for six months of the year during the dry season) is here because of the bauxite. Like everything in life, it's a gamble. You'll probably do very well, but could also end up with a very expensive fishing shack (and yes, the housing here is VERY expensive for what you get)! Other than that ... this part of the world is paradise! :D
     
  20. HUGH72

    HUGH72 Well-Known Member

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    Crido good on you, I've spent a bit of time in Weipa over the years but paradise isn't a word that comes to mind.:p