Advice about buying an IP in Coomera

You can get something a little older there on bigger land, and probably more floor space for 400k or less, so where is the value in your deal? Look at recent sales history if you don’t believe me.

Hi Gourav

Having lived in SE Qld for the last 20 years and have been a Buyers Agent for 13 years I would be very wary of investing in Coomera.

Small block (although that in its own is not an issue) and I bet you will find the property is more than likely being sold by a property marketing firm hence it is brand new !!!!.

Coomera has been marketed as the next big thing for over a decade or so and has gone no-where.

Rents have stagnated and the prospects of capital growth are limited.

Personally I can think of a number of areas where you can dip your toe in without having to go that far South.

Cheers

Yours in Finance
0-40 Properties in a decade. Ask me how.

@gaurmit,

Did you get the “tip” from Julio De Lafitte (JDL Strategies) or by any chance ?

Why not looking into UPPER COOMERA or ORMEAU, I’ve been suggested to focus the search for High Yield under $450k Investment Grade property from Todd Hunter (wHere proeprty group Buyers Agent).

• This reply was modified 8 years, 5 months ago by  SiteManager.

gaurav wrote:

It was touted as an area to invest by one of the so called INVESTMENT CONSULTANTS touring canberra

Hi Gaurav

Nice speaking with you this morning :-)

Those consultants are glorified real estate agents flogging overpriced off the plan properties for massive commissions. Steer clear.

Cheers

Jamie

Jacqui Middleton wrote:

Wouldn’t touch it with a barge pole.

@jacm, why not ?

THere is big mall development going on: http://www.coronis.com.au/blog/a-decade-of-planning-sees-coomera-flourish
Now this area is growing fast for sure.

Benny wrote:

Hi SiteManager, The way you are talking it up, I am wondering if you HAVE bought there already? :p
So there finally is to be a big mall development? Cool – that may help with values down the track. As of right now (and for the last 15 years) all I have seen is agents pushing the area trying to get things happening. For sure, one day it will happen.
For my money though, buying new in a new development is paying top $$ so a developer and his marketing team can keep themselves in champagne. Especially as any “growth” is the uplift in value that each new stage brings is added BY THE DEVELOPER.
But take a look at the values of second hand housing in/around Coomera – that area may well contain some value (they were building there from 15 years ago, so some might now be For Sale). I haven’t looked, by the way – but THERE is where I would start if wanting to buy in the area.
Benny

@benny,

I’m still looking around but according to the buyers agent professional advice service that I have engage (Todd Hunter wHere Property group), he suggest me to buy in UPPER COOMERA and ORMEAU for long term Capital Growth.

He showed me from the statistics on his website, he was able to predict one area in SEQ near Ipswich to be a good suburb before it went boom this year. Hence it is too late to buy there.

Benny wrote:

Hi SM, I have just twigged – this thread started with Guarav talking of House & Land packages in Coomera. These are what I was warning against.
On checking, I haven’t seen where you were talking H&L – so maybe your Buyers Agent was looking for existing rather than new – is he? And what about you? Are you also talking existing houses? If so, let’s start again….. ;)
Benny

@benny,
Yes my buyers agent always told me to get the existing house rather than the new one.

He mentioned that Upper Coomera is full of families (they recently built a massive new childcare centre so there is clearly a lot of children in the area)

Many new houses, lots of development, and a billion dollar shopping centre precinct (including an inland beach) about to be built.

Jamie Moore wrote:

gaurav wrote:

It was touted as an area to invest by one of the so called INVESTMENT CONSULTANTS touring canberra

Hi Gaurav
Nice speaking with you this morning :-)
Those consultants are glorified real estate agents flogging overpriced off the plan properties for massive commissions. Steer clear.
Cheers
Jamie

This is some very good advice.

In terms of the area historically it has been a gonna gonna for a long time, but the Westfield might finally turn it into a real growth area. I like the corridor from Bris to GC as a whole, first invested there 13 yrs ago, but due dilligence and finding value is the key.

A very quick pass shows established options cheaper if you want them – eg hypothetical something like this?
http://www.realestate.com.au/property-house-qld-upper+coomera-121067138

Well, well, well !! After hearing on here about “Upper Coomera”, I went looking via Whereis.

I believe that name is a total misnomer. There is nothing “Upper” about it – in fact, it is what I know of as Coomera. It is on the West side of the M1, across the M1 from the original Coomera, which used to consist of 1 servo, 3 shops, and a pub about 30 years ago. Even today, there is not much more on the East, with most housing being on the West side of the M1 (in this so-called “upper” Coomera)

So what can I say – except to treat Upper Coomera and Coomera as one. And yes, “Upper” Coomera was heavily promoted back in the early years of the new Century, and a whole new suburb was built. Some places there would be 15 years old now, well established, and perhaps occupying desirable locations in this rather new suburb. Well worth a look if wanting to buy “existing houses”.

Benny

OMG – yes, I had forgotten about Studio Village. Thanks for the reminder.

If you would though, Richard, do tell me why you see it as “on the wrong side of the highway”. I see this feeling all through Logan, with Eastern suburbs being preferred, and always wondered “Why?” Like, does being 1Km closer to the Pacific Ocean make a difference? :p

Or is there something else? Certainly, the West side does appear to be the “poor cousin” in my area (Logan) and I wonder what ACTUAL advantage an Eastern suburb would have over a Western one. Does that apply on the North side of Brissy too (i.e. with West being poor cousin up there too)?

Benny