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  • Profile photo of LC888LC888
    Member
    @lc888
    Join Date: 2013
    Post Count: 25

    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? 

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    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

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    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    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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    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,065

    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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    Profile photo of LC888LC888
    Member
    @lc888
    Join Date: 2013
    Post Count: 25

    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!

    Profile photo of Andrew_AAndrew_A
    Participant
    @andrew_a
    Join Date: 2003
    Post Count: 392

    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.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,992

    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 | Mortgage Broker helping investors build their wealth thru property
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    Profile photo of LC888LC888
    Member
    @lc888
    Join Date: 2013
    Post Count: 25

    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 >.<

    Profile photo of CatalystCatalyst
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    @catalyst
    Join Date: 2008
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    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

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    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.

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    Profile photo of LC888LC888
    Member
    @lc888
    Join Date: 2013
    Post Count: 25

    Ok, thanks guys.

    Profile photo of LC888LC888
    Member
    @lc888
    Join Date: 2013
    Post Count: 25

    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 :-)

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    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.

    Profile photo of BugalooBugaloo
    Participant
    @bugaloo
    Join Date: 2013
    Post Count: 12

    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.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,992

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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