Investors keen to snap up property in Chinchilla
The town of Chinchilla has certainly made a name for itself over recent years - located to the north-west of Brisbane, the area has become a mining hub.
With the resources boom in full flow, people have been keen to make a property investment in Chinchilla to make the most of a growing workforce and improved infrastructure.
There are plenty of reasons why it is worth considering a real estate investment in Chinchilla, but with more people sitting up and taking notice of the area, it is important to act quickly.
Units and houses alike are seeing increased demand - and this trend is unlikely to show any sign of reversing any time in the near future.
No slowdown in demand for property
Over the last 12 months alone, demand for property in Chinchilla has been especially strong. Figures from RP Data show that the median selling price for houses stands at $360,000, while units are valued at an average of $215,000.
Data released last week by the Real Estate Institute of Queensland revealed that there has been strong sales demand in Chinchilla, which is largely due to the booming resources sector. In fact, Chinchilla was named joint number one for affordable buy-in prices.
The same positivity can be seen in the Chinchilla rental market, which experts suggested last year would be one of the areas to watch. In fact, analysts writing for the Property Observer said that rental costs in Chinchilla could soon rival those in Moranbah and Port Hedland - and this is certainly starting to look like it is the case.
A diverse economy
Although the resources sector has no doubt had a positive impact on property in Chinchilla, it is far from the only industry keeping the area's economy alive.
Agriculture plays an important role in Chinchilla, with cotton, barley and wheat among the area's exports. Large-scale cattle and pig farms can also be found throughout the region, which also bring in considerable income and, of course, a workforce.
In fact, one annual event that the area has become renowned for is the Chinchilla Melon Festival, which attracts visitors from all over Queensland and the rest of Australia.
Facilities for Chinchilla residents
Chinchilla is well equipped with facilities that make it a popular choice for anyone in search of a real estate investment. Highlights of the local area include the Chinchilla Aquatic and Fitness Centre and Chinchilla Cultural Centre, which is situated in the heart of the CBD.
The town is an area that is constantly evolving and as more people start to recognise the potential of the area, the opportunities for improvement are likely to expand even further.