Hi all,
I have found myself in a situation making an offer on an apartment in southport in the Meriton group of buildings which was accepted, however the cold feet have set in after ‘continuing’ to research and not being 100% sure about this purchase. I’d love to get some feedback from others because I feel I need a kick in pants for being too hasty. The particular location has some great things going for it with a large supermarket being constructed a couple of hundred metres away, as is the light rail.
Since I haven’t signed anything yet I am fairly safe, so my question is, what do people think of Southport in general? What concerns me is, what will the area be like after 2018 CG? Imperial city development? Athletes village, what will it mean for the area in couple of years? Will oversupply again be problem?
Whilst it doesn’t seem a bad investment, it doesn’t seem great either. I put some figures there if anyone is interested in making a comment, nice or nasty please. Since this is a first IP for us, I am of considering giving up on this idea of the area and looking towards a house in Brisbane with a buyers agent (I live in Syney), after I start researching areas and getting familiar with that market with some advice from you kind folk!
395k purchase
strata $100 p/w
council $50 pw
currently rented $450 p/w
management fee 5%Thank you for your consideration in reading this post. It is appreciated!
Daniel
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This topic was modified 8 years, 6 months ago by
Danoz.
Hi Danoz – how big is the apt is sqm? measure the apt in sqm based on price.
I would not invest in Southport or GC in general, for you if you are in sydney this will depend on your knowledge of the area. GC is going gangbusters however the GC property cycle is very unstable. The chinese have moved in just as the Japs did, for how long?
Your yield is 5.9% which I would challenge (check rental val), and be sure to check the vacancy rate in the area and also comparable apt.
You said its not a great investment but not a bad one? well that says it all mate, as long as you have not signed a contract (there is a cooling off period) take a deep breath and head back to the research table – for that price you can find a unit in Melb or Brissy with better LT growth prospects than southport.
Cheers, Ivan
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The big question is what are your goals and does this help you reach them? Each purchase should fit the strategy that should fit your goals.
Region is ok but deal not super inspiring. How many beds is it and how big?
That strata is high, and could go higher if its a big complex, generally if buying in Southport I would buy a small walkup block, no lifts, within 2-3 streets of water (unless you want to spend for waterfront) strata under 50pw.
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Hi guys, thanks for the replies
I have not gone through with the deal…a little more on this one is that apartment is 100m2 has 2br 2bath 1 cars pace,and small study, no special view, 7th floor, 80 apartments in the building.
I have turned my sights to a house somewhere Brisbane way that would produce more long term growth,… somewhere down the track I would like to purchase some apartments if I can get some equity, but not with those kind of fees attached. I am looking in Brisbane north just in from Bayside, doing my research, spoke with some RE agents trying to get an idea of the area.
Cheers, thanks again
Dan
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This topic was modified 8 years, 6 months ago by
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