Property investors in Bowen are reaping the benefits of a strong rental market, with weekly income of up to $550 per week and returns between seven and 10 per cent per annum.
The demand for rental properties has been spurred by an influx of people moving to the area to work on more than $2 billion in major infrastructure and industrial projects either planned or underway.
Bowen was recently named as the leading candidate for Queensland's largest single investment in history - a $2.2 billion alumina refinery, and the State Government has also unveiled plans for an industrial State Development Area at nearby Abbott Point
Whitsunday Regional Council Mayor Mike Brunker said her believed Bowen's property market will remain strong.
"I think our market will stay strong despite the current and future fallout of the credit crunch," Cr Brunker said.
"Due to the amount of work happening within the shire, hopefully we will be shielded from the outside effects," he said.
Sharon Muller, co-owner of Bowen's Century 21 Real Estate, said the economic growth and increase in job opportunities and population was transforming Bowen into an investor's paradise.
"The rental market is stronger than ever - during some periods we have people lining up to find a rental property and developers and builders can't build the homes fast enough to keep up with demand," Ms Muller said.
"At around this time four years ago, we would have had about a 50 per cent vacancy rate, with people renting for three to six month periods, but now demand is outstripping supply and people are staying for much longer.
"The change in the market can be mostly attributed to the fact that Bowen no longer relies on small crops and tourism to fill rental homes; now that there are hundreds of new jobs being created in the region people are queuing up to move here permanently."
Ms Muller said many investors are snapping up blocks to build family homes in Bowen's growing number of new residential estates.
"Land is still quite inexpensive in Bowen - most lots sell between $150 000 to the low $200 000 bracket, so building a home is an affordable option allowing investors to get into the market when demand is so high."
Taken from The Daily Mercury November 2008