18 Aug Have You Ever Dreamed of Owning Your Own Town?
Did you know that you could have recently bought buy an entire Queensland town for $750,000? Going under contract just a few days after listing, the entire town of Allies Creek recently went up for sale. Considered by many to have been a bargain, Queensland investors and media alike were all talking about it – due in part to its income-earning potential, but also out of sheer novelty.
The town is located 58km South-west from Mundubbera (about 3 hours North West of Brisbane) and the options and possibilities for this Queensland property are literally endless. Including 16 individual Queenslander style homes, which come in two, three and four bedrooms – the town also has three sawmills, street lights, actual streets, a Telstra depot, an old school hall, and very large dam full of fish and fresh-water crayfish.
The question on many investor’s minds is whether or not the town is completely vacant. Well, the answer is “no”, which is good news for anyone thinking of investing in this little town. Currently, half of the homes have tenants, which means that would-be buyers could potentially live off of that income while developing the property into anything they want.
Other things that the town comes with is a 25-ton excavator, a crane, and a large mulcher. The homes are furnished and the property has well-groomed park areas. The pontoon also has a walk-out bridge and a private canopy. This property could potentially be used for hosting conferences, retreats, events, church events, or could even be used as a caravan park.
Just for fun, we invite you to check out the listing here (yes – it’s a real thing).
As appealing as earning money right out the gates does sound (not to mention instantly becoming Mayor), the investment is certainly not without its detractions. As always, buyers interested in any investment always need to take the time to make sure that a property investment of this size is the right thing for them, no matter how amazing the opportunity might look at first glance.
Regardless of the type of investment you’re looking at, taking the time to consider all of the positives and negatives is always an important place to place to start. A property like this, for example, would require significant additional investment for maintenance and upkeep compared to a regular home. Additionally, since the property provides a multitude of possible uses, it’s important to know whether or not people would be interested in using the property at all. Even though the price tag compares to that of single-dwelling residence in Sydney, there will most likely be many hidden expenses that are not part of the price, so it could end up being an investor’s nightmare instead if you weren’t prepared.
It’s absolutely essential that any type of investment (property or otherwise) is carefully considered. You may not be looking to invest in your own town, but our financial planners on the Sunshine Coast are ready to help you start planning to make the property investment of your dreams.