In the once thriving mining town where residents are now forced to live in carports – but it bounces back after controversial decision
- Bowen in North Queensland is expected to receive an increase in house prices
- The Carmichael mine will ship coal from Abbot Point, 25 km from Bowen
- Miners are expected to come to the coastal town and to raise rents
- The Carmichael mining project in Adani was approved last month
The controversial approval of the Adani mine has led to the once thriving city of Bowen receiving a sharp rise in house prices, as it is expected to be the home for many miners.
The coastal town in the Whitsunday region of Queensland suffered major crashes in rental homes and homes after mining had ended, leaving many workers with no choice but to sleep in carports.
The new Carmichael Mine project, approved last month, has already begun construction in the Galilee Basin and plans to transport coal from Abbot Point, about 25 km from Bowen.
The construction of the Carmichael Mine is set to increase rental and house prices in the coastal town of Bowen and miners are coming to the area (file image)
As a new railway line is being built together with the mine, housing and rental prices are expected to rise sharply as workers move to the area.
Bowen experienced a significant fall in house prices in the years following the end of mining, with a fall of 11 percent in 2017, as reported by News.com.
In the past 12 months, house prices in Bowen have risen by ten percent.
Norbert Kaess, an investor who has already bought four houses at the age of 23, is convinced that rents will rise as a result of the Carmichael mine.
& # 39; Now that it has been approved, I think the trend of growth will continue and be even sharper in the coming two years, & # 39; said Mr. Kaess.
Bowen (photo) is 25 km from Abbot Point, where coal is brought to the Carmichael mine, meaning that the city will receive a major rent increase
He said that investing in real estate in the Bowen region can pay off for smart buyers.
& # 39; With relatively cheap investment costs, it is not a big risk for young investors to take and it could be a good stepping stone for more real estate on the circuit if their research is thoroughly conducted. & # 39;
Whitsunday Regional Counselor Mike Brunker, a Bowen resident, was not so confident that the Carmichael mine would see an increase in house prices.
Cr Brunker said that Bowen had given priority to housing projects during the last mining period and that there was sufficient accommodation to ensure that prices did not fluctuate drastically.
& # 39; As it gets closer and the trains arrive, you may see a peak, but we have enough homes in Bowen now that it is for sale to accommodate that, & # 39; he said.
The coastal town suffered real estate crashes after the end of mining in 2013, which forced many workers to sleep in carports
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