Investors from all over the world continue to snap up properties at the mining town of Moranbah in Central Queensland, Australia, with the town setting records for home prices.
According to Marie Plahn, a real estate agent, the demand for investment properties has grown dramatically to unprecedented levels after the mining town was featured in a few investment magazines some months ago.
The agent added that investors from as far as Singapore, London and Mexico are looking to take advantage of the big rental returns in the town.
With growing demand for workers in Moranbah, a new sales record was achieved in early January at just above A$1 million (S$1.33 million).
“It’s showing no signs of slowing down and we’re putting this down to the influx of people who are required here to work,” said Plahn.
She added that a five-bedroom brick home is now sold at over A$1 million (S$1.33 million). Meanwhile, rental rates range from A$1,800 (S$2,402) to A$4,000 (S$5,338) per week.
Related Stories:
Legoland Malaysia eyeing visitors from Singapore
S’poreans are top buyers in Oxford
Baltimore Wharf rents may rise 5% as new gym opens