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Mining Town House Passed in at Auction in Million Dollar Dive, sign of the times?

Posted: February 10th, 2015 | Author: | Filed under: Australian Home Prices | Tags: , , , , | Comments Off on Mining Town House Passed in at Auction in Million Dollar Dive, sign of the times?

Mining Town House Passed in at Auction in Million Dollar Dive, sign of the times
A house in the Western Australian mining town of Port Hedland has been passed in at auction for $360,000 after it was bought four years ago for $1.3 million.

The three-bedroom, one-bathroom fibro and iron house was built in the 1960s ::::
Real estate agent Barry Walsh said it was a sign the mining boom’s construction phase, which drove property prices to unrealistic levels, had tapered off.

He said prices were also very high during that phase because there was a high demand for accommodation and a lack of available land to build property on.

Mr Walsh said the real estate market, which had been attracting phenomenal rents of thousands of dollars a week, was unsustainable.

A spectator at the auction said “it was an extraordinary event”.

Mr Walsh said the auction showed that people could now afford to buy homes in Port Hedland again, and the town might be able to rely on a local workforce and fewer fly-in, fly-out workers.

@mcsixtyfive

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Housing credit again led the growth, rising 7.1 per cent over 2014, including a 0.6 per cent increase in the month of December.

That sector was led by investor credit, which jumped 10.1 per cent over the past year, including a 0.9 per cent rise in December :: Read the full article »»»»

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An Australian businessman’s investment fund has divided locals after amassing hundreds of properties and becoming the largest single investor in family homes in the New York region.

Over the past three years, Alan Dixon’s fund has spent $610 million on residential property, buying nearly 600 houses and making his company the biggest investor in single family homes in New York.

Mr Dixon’s fund buys historic houses, many of them abandoned or rundown. They buy them cheap, renovate them, and turn them into luxury homes which command top dollar on the rental market.

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GIFTS.FOR.HER GIFTS.FOR.HIM

source: janfordrealestate
image source: janfordrealestate


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