Rural Queensland has seen a spike in land speculation in recent months, with thousands of properties on the market in remote areas.
Read more: Ranges in the remote Ranges have seen their numbers increase by more than 30 per cent since last year, and land is being sold for up to $100,000 in some areas.
One property that has gone through the wringer is the property on the outskirts of the village of Nalindi in the south of the state, which sits at the mouth of the River Korda and has been vacant for more than 10 years.
“We have been inundated with offers,” Mr McQuillan said.
The town was really on the verge of collapse and the land was available, so people were really thinking about buying it.””
We’ve had about 25 offers since we got the news the last week.”
The town was really on the verge of collapse and the land was available, so people were really thinking about buying it.
“It was a real gamble at that point, and I think it paid off.”
Mr McQuinnan said the market was already “quite rough” with a couple of buyers who bought houses for $500,000 each.
“A lot of people have been making a lot of money, so there’s a lot going on,” he said.
“But it’s not the best market we’ve had.”
While some buyers may have had to move to cheaper towns and suburbs in Queensland, the area has also seen an increase in people looking to make a new start.
“When you think of rural Queensland, there’s not a lot to do.
There’s no farms and no towns, so the options are quite limited,” Mr MacQuillin said.
The property on Nalinindi’s south-west edge is one of those properties.
It’s been empty since 2009, and Mr McQueilan said it was just about the only house he could afford to rent in the area.
“I couldn’t afford to buy it, but I had to give up my farm,” he told News24.
The man who bought the house in 2008, James McGowan, said he had always wanted to retire.
“For me, it was a way to make some money to put away for a family, so I thought it would be an appropriate time to sell,” Mr McGowan said.
He had originally intended to move into an apartment in Sydney, but the house price had spiralled out of control.
Now, he’s trying to sell it on for a profit.
“At the time I thought I could do it for around $700,000, and that would have been a pretty good deal for me,” Mr McGregor said.
But the price has ballooned to $1.8 million.
Mr McQueillan has also sold a house on the Nalinka River, but he’s had to put it up for sale again because it’s no longer in good condition.
In the past, land speculators have also been known to move homes to the towns and cities to make money.
But Mr McGowans family had always lived in rural areas, and the family had lived in the house for 30 years.
He said the family was happy with the land and its condition, but that they had recently seen a surge in activity.
“There’s been a lot more people wanting to buy houses than before, so you can see a real increase in prices,” he explained.
“But it can also mean a lot less security if you don’t have a good property.”
Mr McGowan also said that the market had not yet gone into crisis mode, but people were getting nervous.
“This is a big change for people, and it’s going to be difficult for some people to take advantage of the market,” he advised.
But Mr McQillan believes the boom is over.
“If we get through the end of it, it’ll be a really good time for people,” he added.
Topics:farm-livestock,farm-rural,housing,business-economics-and-finance,rent-to-income,government-and toppos-4547Contact Michelle McQuillinMore stories from Queensland