I'm going to GC next week and am thinking of looking at some properties. I've read mix bag of predictions about IP in GC. One magazine said it's the spot to avoid and some experts said as GC's properties are at rock bottom that it is a good idea to buy now.
What do you guys reckon?
Personally Gold Coast is not my cup of tea and I have been looking at it over a long period of time. I can think of a dozen places that tick more boxes in terms of Equity, cash-flow, renovation, etc plays.
Why are you looking at the GC and what is the strategy?
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Certainly houses have fallen a great deal I looking at a 40 square house on the water near Mermaid beach they were asking just over 1 million, 5 years before they brought an old house built the current one, they paid $960,000 for that.
So my view is its a great time to buy a house to live in, however most investors make the mistake of buying holiday let apartments the overheads are often killers. There will be better opportunities in Brisbane.
Nigel Kibel | Property Know How
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I'm not a fan of the GC either.
I also kept my eye on the Logan market for a while back in 2010 and it doesn't look like properties have moved since, a quick search shows similar listing prices to that a few years back.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Hi All,
Thanks for your advice. I'm just going to be there for holidays, so, thought I can inspect some properties. No particular strategy, really. Looks like I might as well enjoy my holiday and not bother about inspecting any properties!
It's a big area, lots of different categories and markets. Excellent distressed buying, also yields are starting to look attractive, things like brick homes a few years old being sold at 7%+ in good areas as the builder has gone bankrupt, lots more like that. Still a lot of negativity around, probably likely to continue for some time, though it has picked up in recent months.
If you are looking for a project such as reno and strata as one example then I know there are superb properties out there at the moment.
Bought a PPOR house 5 bedroom on the water in Palm Beach in 1996 for $296K.
Some 5 years later it was worth $1.2M.
In saying this the GC in my opinion is a complete basket case.
There are good parts and there are parts i wouldn't buy if they were giving the Titles away in cornflakes packets.
Agree with Andrew some good bargains to be had with many distressed sellers but if you want regular and hassle free cash flow i think you can do better in other parts of Qld.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks for your advice, Richard.
What about those suburbs not immediately at Gold Coast, such as Upper Coomera, Coomera, etc., where apparently there's an infrastructure development plan? Read something about it end of last year, but couldn't find the article anymore >.<
Positive Real Estate have been pushing Coomera for 5 years now because they build units there.
Just be very careful. When you don't know an area well you can easily make a poor purchase. One suburb may look very similar to you but may be completely different to the knowing purchaser
There is no shortage of supply in Coomera. Some friends of mine were developing there before the GFC. Guess what they have not progressed that far. As I said Brisbane is a solid and much safer market to invest in.
Nigel Kibel | Property Know How
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Ok, thanks guys.
Yes, agreed. The last time I went there was probably 15 years ago. My partner is from Germany and has never been, so, thought we would take advantage of the cheap jetstar mid week deal
LC888 wrote:Looks like I might as well enjoy my holiday and not bother about inspecting any properties!This comment wins on so many fronts it ain't funny. Mind you, as a holiday destination I don't think the GC is that great either.
Leave the cheque book at home and do your research from home. Sometimes the euphoria of a holiday clouds ones judgement.
Steer clear of Beenleigh. Have been in since 2000, minimal capital growth and numerous tenancy issues, property manager issues. Can't sell, nothing selling for over three years.
Really Bugaloo nothing sold for > 3 years.
Funny i have financed 3 sales in 2 months from forum members who have purchased an investment property in Beenleigh so not quite sure about that comment.
My Solicitor for the last 18 years runs the largest Conveyancing practice in Beenleigh and she is absolutely flat out.
Admittedly caution needs to be taken however i think your response was a slight exaggeration.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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