Hey everyone,
Great Forum,
I am looking at purchasing an I.P in the following areas Labrador,Tweed Heads, Upper Coomera, Arundel,Deception Bay ?? ,Scarborough.
Am looking at older houses that I can reno and also 2-3 B/R units/townhouses.
My price range is up to about 250. Plenty of property available and good rental returns but I am not that familiar w the suburbs as I havent been up there in a while ( I'm in Melbourne)
Hope someone here can offer some thoughts on these. Labrador seems to be the most promising of what I've looked at online, so far.
Thanks in advance
Hi merf
The CG has experienced a few problems over the last few years with softening valuations however there are some real bargains to be had.
I personally purchased one of my best properties on the CG last year and due to demand from investor clients have started to source property for rent or refurb.
Personally i would steer clear of Coomera and focus on the Northern end of the GC.
Don't think you will find much <250K in Scarborough.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I too purchased a property in GC. I wouldn't usually but with some of the large discounts, it was too good of a deal to pass up.
Agree UP.
Mine was a Mortgagee repossession previous sale price $1,240,000 we agreed on $565K.
These are the sort of deals i like.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Agree UP.Mine was a Mortgagee repossession previous sale price $1,240,000 we agreed on $565K.
These are the sort of deals i like.
Cheers
Yours in Finance
Richard, is this a typo??!! Unbelievable
No not a type at all.
Desparate times cause for desparate measures and you would be surpised what lenders will accept if it is a cash offer no questions asked.
Wont say it wasn't without headache dealing with a lenders legal department that doesn't answer correspondance but certainly worthwhile.
Deals like this are out there.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I suppose you have to be in the right place at the right time. With a saving like that a headache or two is nothing.
Qlds007 wrote:No not a type at all.Desparate times cause for desparate measures and you would be surpised what lenders will accept if it is a cash offer no questions asked.
Wont say it wasn't without headache dealing with a lenders legal department that doesn't answer correspondance but certainly worthwhile.
Deals like this are out there.
Cheers
Yours in Finance
Lots of headache tablets can be bought with that instant equity.
Richard – I think your my new investing hero. I will shout you a whole bottle of headache tablets and something nice to wash it down if you will tell me how to get deals like that ! I would have thought the GC was not the best place to look but I can see that it's not always about the area but about the quality of the deal. Good Luck with the Reno's Merf.
Kathleen
nice one Richard, Cash is King !
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Good to hear other member buying up cheap in GC.
I have other colleagues who bought well as well for example 30 -40% of prices the previous owner paid for, or even well below replacement cost.
Labrador and surrounding suburbs, Arundel/Southport are possible candidates also. Quick and easy access to uni/tafe/shops/m1. I've heard of plenty of deals being had on the GC still, however, I'm still looking for one and I believe so are many others. If anyone has any tips feel free to share.
Hi, my husband and I have just read Steve's book and are keen to start investing in property.
May I ask, why the Coomera area on the GC should be avoided? There seems to be so much happening in the area, with a whole new shopping centre built, new Aldi and Masters, close to train station, a future Westfield and a number of private schools already established and more coming. Any advice will be much appreciated.
Hi KTG
The problems with these areas is are what we call boom and bust areas. A good friend of mine was doing a major land development prior to 2008 in Coomera and still own it. My point is you can buy well there at the moment over the years I have brought and sold properties in the Gold Coast but you have to be careful.
Personally I would buy in inner city Brisbane it has far more scope to go up in value in the next 12 months than the Gold Coast. I believe the market especially within 5 km of the CBD is as much as 10% under market value. Frankly if you can buy within 5km of Brisbane you really cannot go wrong.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Nigel,
thank you for your advice. I am not too familiar with the Brisbane area but will do some research and see what's available.
have a great week.
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