I’d like to get peoples opinion about investing in a unit/townhouse on the Sunshine Coast, Qld.
I’ve been toying with the idea of purchasing a unit/townhouse in Coolum or Mooloolabah (Noosa is far too expensive). For example, it looks like an investment of say, $300K to $400K will get you a pretty nice place – and if you’re lucky a waterfront property. Coolum appears “cheaper” than Mooloolabah.
So, my questions are…
1. Is the Sunshine Coast a good investment (medium to long term), and if so which towns?
2. What do people generally feel about “resort” investments? Is it more wise to rent it out to holiday makers (and therefore higher rent but lower occupancy), or rent it out as a home?Thanks!
I use to sell realestate in Coolum and always believe that this area will boom. Is great for holiday makers, however, if you are getting a loan, the bank is less likely to be favourable in lending for a holiday let unit opposed to a permanment rental. If you ever want equity out of it in the future you may have a lot of diffuculty whilst it is only a holiday let. Banks dont see a lot of security here as it is often seasonal. I had sold a few holiday let units on the strand and the returns are quite good, but, for future security I recommend a permament rental. Either option could be taken for a lot of them anyway. You could start out with on a permament basis or holiday let and if one doesnt work out, then do the other. There is a lot of outgoings with holiday letting, you would be best to speak with an onsite manager to see what their charges are. Not many people consider this prior to buying. Do your research first.
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