More cons than pros in my opinion, however they do tend to be cheap and can be situated in good areas close to water.

Finance and resale are difficult. What look like great returns can be eaten up by undisclosed outgoings, particularly in holiday let scenarios. If there is an extraordinary amount for sale in the same block, there will be a reason for that, so check on online and with local agents. They probably should be furnished, even for long term rentals as in my experience (and believe me there are plenty on the Gold Coast) your tenants will be "betweeners", between jobs, residences, towns and luck. Take out landlord insurance because they can quite literally disappear into the night.

I don't list them, but if it stacks up and the finance is obtainable, then they are still worth a look.

Also dont buy it just because it's all you can afford, may be better off to wait until you can buy higher.