Karratha... good investment?

[shamen]

G'day everyone,
I'm new to this forum, but would appreciate opinions on the Karratha investment scene.
It looks very attractive from the rent return point of view, but I've heard varying stories as to what the big companies are up to with regards long term accomodation for their workforce, eg Woodside.
According to real estate agents, you can still buy an $800,000 property, borrow the entire amount, pay it off and still put a couple of thousand a month in your pocket. It all sounds too good to be true, and you know what they say about that...

Be interested in any replies. Thanks

[hitty]

Hi Shaman
Spent a bit of time in Karatha last year, and the place was booming, However I kept intouch with a few friends there and they say that a lot of people are getting laid off.
One couple that we still keep intouch with had to find a new place to live. They found a unit that the owners wanted $1200 pw for and they ended up getting it for $800.
So just be careful that the place is leased and it is for a long term.
Hope this helps a bit
Hitty