Palm Cove QLD appartments off the plan

We are looking at buying $45-650 dual key appartment in palm Cove and have 5 other houses – this is near beach – 1 min walk off plan and can be divided into 2 units to rent or live in with body corp fees of $5000 p.a. and sinking fund of $1200 p.a. – Any comments, pitfalls or positive anectdotes greatly apprecaited! What should we be wary of????

Thanks Simon VIC

simon