I wanted to get everyones opinion on Southport & Merrimac in QLD. My dad and his wife have 2 investment properties, 1 in each suburb which are negatively geared. They are at the age to retire soon, but they won't be able to with the properties as they are.
They have asked for my help, I don't have all their information at the moment, but really wanted to know if you think these suburbs are going to increase in value this year, as they are thinking of selling them, but from what I have read on other forum posts it might be best to hold out.
I am from Perth and have never been to QLD so I don't know much about the areas, only that Southport will be where the Commonwealth Games are.
Thanks in advance.
KateAlex MParticipant@alex-mJoin Date: 2014Post Count: 11kateej03 wrote:I am from Perth and have never been to QLD so I don't know much about the areas, only that Southport will be where the Commonwealth Games are.
Thanks in advance.
You've never been to QLD? Seriously?
Southport has been a bit flat but I've seen it recommended in some places recently.
As I said no I have never been to QLD.
ThankssuavemechanicParticipant@suavemechanicJoin Date: 2004Post Count: 106
Hi ,Southport is where i live and invested ,but I grew up in Perth…
its a big suburb a bit like mt lawley with several ' zones' and demographics It is the business part of the gold coast away from the glitter strip , where you find the court house ,accountants ,the old and new hospital and a shiny new light rail network that could be majorly to your advantage
Nice brick and tile homes on big blocks on the hill near the TSS ( the southport school ) and fibro post war cottages given out by the department of defence in the early 50s
just waiting for a new kitchen and a deck !
If your property is close to the new hospital or the light rail you are in luck !
If it was a small dark flat servicing the staff at the old hospital…..good luck !
It has been in the doldrums for the last few years but appears to be turning with a LOT of money being spent by council and government ,and my dog walks are no longer a depressing count of for sale signs covered in moss !
Anecdotally ….two people have bought in my street and spent serious time and money renovating houses ( ie spending a hundred grand on a sub 400 thousand dollar house )
So finally people are seeing the value i saw years ago….. Or the new hospital no longer has a psyc ward !
call the agent , get this weeks value ,and current rental appraisal , call the bank and see what rate they can do if you/they refinance and do some sums !
Good lucksuavemechanicParticipant@suavemechanicJoin Date: 2004Post Count: 106
Hi again ! things must be getting busy in southport ……this week I have had a call from an agent (who I last yelled rude words to and hung up on about 4 years ago ! )
to see if I had sold my house or was intrested in selling it
and my father in law who rents around the corner has just been told the owners are listing the house ( always a fun time for a tennant )
hope this helps
Thanks suavemechanic – appreciate your repliesJimmy86Participant@jimmy86Join Date: 2013Post Count: 46
Did you end up selling both or either??
Personally i think you have 2 properties on 2 of the most growth potential suburbs on the GC.
I own my PPR in Southport (just behind Ferry Rd markets). Purchased in June 2013 for $360k. Just had it bank valued at $410k. (all we did was add a feature front fence – $5k spend). Southport will only go up as the state and local governemnt spends money on it in the lead up to Comm Games. Hang onto it!
The reason i got a bank val, is that I am looking to buy an IP in MERRIMAC!
Merrimac is quite a big suburb with heaps of development and There has been plans on the cards with council for AGES to connect the back of South Merrimac to Robina (near the Robina stadium – you can see they have already started to build the road but it just goes into swamp for now).
If it does eventually connect up to Robina, it will be 2 mins drive to Robina Town Centre, and it is already less than 5 mins drive from Pacific Fair which will become QLD’s largest shopping centre in 2016. + 8 mins to the beach.
There is a good and bad side of Merrimac… The McDonalds side is the older side. The BP side is the good side with all the development and potential to be linked to Robina.
Let me know how you go/went.