Charters Towers

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Recent rain in the Charters Towers area has lifted eyes towards the sky with some good moisture in the sky with clouds building in the afternoon, according to the latest Herron Todd White (HTW) rural report. 
Recent events have developed with isolated thunderstorms delivering up to 24 millimetres in the odd spot and barely spit in others.
"The old saying rings in the ears that where the first break of the season is, that is where it will fall for the oncoming wet season," the valuation firm said. 
"These are early falls, however they have had immediate effect on the minds of land holders.
"Last wet season, the Charters Towers area (more so to the north) had regular steady rain events. A cracking season for some!" 
From an agricultural perspective, this district has lots to offer, the HTW report noted. 
Since the area was thrown open to cattle grazing in the 1860s, agriculture has endured the tribulations of drought, disease, flood, commodity market cycles and property market cycles.
Property market cycles have endured cattle slumps, a millennial boom, a live export ban and now strong demand exists with limited country for sale.
"At four of the last five auctions in this district, neighbours were successful in expanding their holdings.
"The auctions of Somerset, Maitland Downs, Reedybrook and Myrrlumbing certainly provided varying gauges of market depth from under bidders," the valuation firm said. 
There have been a few privately negotiated transactions to neighbouring land holders.
This degree of demand is somewhat different to the post live export ban period where there was limited market interest in northern cattle breeding assets.
Auction results have been:
◗ Maitland Downs (pictured below) - $9.85 million ($712/ha, $288/ acre) walk in walk out;
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/13/maitland%20down%20.jpg" alt="">
◗ Somerset (pictured below) -$4.3million ($296/ha,$120/acre) bare of livestock, plant and equipment;
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/13/somerset.jpg" alt="">
◗ Reedybrook (pictured below) - $5.67 million ($603/ha, $244/acre) walk in walk out;
<img src="https://www.urban.com.au/images/2019/11/13/reedybrook.jpeg" alt="">
◗ Myrrlumbing - $5.9 million ($373/ha, $150/acre) walk in walk out.
"As usual, it depends what you apportion to cattle and plant, but our bare/improved land rate range from these sales is from $296 per hectare ($120 per acre) to $538 per hectare ($217 per acre)," the valuation firm said. 
"Even though these are sales to neighbours, one cannot forget the depth of underbidding to take the buyer to the auctioneer’s drop of the gavel."
Given the recent rain, last year’s seasonal conditions, cattle demand, interest rates and slim pickings for buyers, only time will tell whether the broader market starts to push value rates higher.
Certainly, the property market conditions are in the vendor’s favour at present.
With both neighbours and vendors confident in their property investments and the future, it is very difficult for prospective buyers to invest at present.
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j.ballantyne1990-6AQqhLzZaK

Charters Towers property market conditions in the vendor's favour: HTW rural

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A Charter Towers City, Qld mortgagee home has sold for $145,000 after five and a half years.
This marks a price reduction of $35,000 on its 2007 sale price of $180,000.
Gail Hooper of Geaneys Real Estate held the listing.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-charters+towers+city-130516218" target="_blank">32 Oxford Street</a> the property is a four bedroom one bathroom house.
Set on a fenced 1008 sqm allotment, it is a timber home with concrete stumps.
First listed in November 2013 it had an asking price of $320,000, however by January 2015 it had been reduced to $215,000.
The most recent recorded asking price back when Raine &amp; Horne held the listing in February 2019 was also $215,000.
It was rented for $270 per week, according to a previous listing from 2015.
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The median price for a home in <a href="https://www.urban.com.au/news/5992-charters-towers-city-qld" target="_blank">Charter Towers City</a> is $124,500 according to CoreLogic, which calculate its annual change in median price over the past 10 years as -5.6%.
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Charters Towers City, Qld mortgagee home sold for loss after 5 years on the market

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A mortgagee has sold a Charters Towers City, Qld house for just over half of it's original purchase price.
Located at <a href="https://www.realestate.com.au/sold/property-house-qld-charters+towers+city-129763434" target="_blank">4 Vulture Street, Charters Towers City</a> the home sold for $70,000 in December last year.
The one bedroom one bathroom home features a timber veranda.
Set on a fenced 1,083 sqm block the home was previously sold for $135,000 in 2013 and $117,500 in 2010.
Situated within close proximity to parks and a supermarket the house is within 1 km of the town centre.
The median price for a home in <a href="https://www.urban.com.au/expert-insights/finance/5992-charters-towers-city-qld" target="_blank">Charters Towers City</a> is $130,000, according to CoreLogic data, with a -3.9% decline in annual year on year median price over the past 10 years.
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The northern Queensland town is 134 kilometres inland from Townsville on the Flinders Highway.
In 2016 the population was around 8,000 people.
Early last year a Charters Towers City property, <a href="https://www.urban.com.au/expert-insights/buying/81019-charters-towers-city-queensland-mortgagee-property-listed-for-50-000" target="_blank">listed for sale with $50,000 hopes</a>, fetched $66,500.
It was listed for mortgagee sale by Kym Whelan from Geaney's Real Estate.
It had last traded at $183,000 in 2009, and at $74,000 in 2006 and $56,000 in 2004.
<a href="https://www.realestate.com.au/property-house-qld-charters+towers+city-127434326" target="_blank">The 3 Regent Street house</a> came with three bedrooms, two sheds and an outdoor entertaining area on 941 square metres.
It had a $52,000 official land value in 2015.
At the time CoreLogic's median house price sat <a href="https://www.urban.com.au/expert-insights/buying/5992-charters-towers-city-qld" target="_blank">$121,000</a>.
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Charters Towers City, Qld home sold for half price by mortgagee

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An outback Queensland pub, Balfes Creek Hotel, has been put up for sale about two years after last drinks were called.
<a href="https://powerjeffrey.com.au/balfes-creek-hotel-motel-for-sale/" target="_blank">The pub</a> on the Flinders Highway, about 30 kilometres west of Charters Towers, is in the hands of receivers.
It closed its doors in 2016 with its then publican citing government red tape, unpaid debts from a fallen zinc mining company and lean economic times. 
Power Jeffrey &amp; Co’s Andy Nason and Peter Power have been appointed marketing agents to sell the property via an expressions of interest campaign closing on November 15.
The property comprises a hotel, motel and caravan park on three blocks of 3506 square metres, 5446 square metres and 5747 square metres.
Balfes Creek promotes itself as “a very small town with a long history”. 
The pub dates back to the days of Cobb and Co, with its licence issued in 1863.
The last publicans had been there for 16 years.
They suffered a major financial setback when Kagara Zinc went under, owing a large sum of money. 
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