All Topics / The Treasure Chest / upper coomera SE QLD…good ?

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  • Profile photo of RickHyRickHy
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    @rickhy
    Join Date: 2003
    Post Count: 39

    Hi Guys,
    Anyone have thoughts on Upper Coomera. It is 15 mins from Gold Coast and 40 from Brisbane near Dreamworld. Have opportunity to buy either stand alone 3 br 2 storey townhouse or duplex. Both within 500 mts in schools and 1 km of proposed major shopping centre. Railway station 5 min drive away and easy access to bris and GC via major highway. Asking $250k rental of $255p/w with tennents lined up as it is under constuction. Has full security,4 pools,2 gyms,spa ,sauna and on site management….any thoughts positive or neg…thanks

    Profile photo of hilaryhilary
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    @hilary
    Join Date: 2002
    Post Count: 146

    Check out the on site management costs – they will probably kill this deal.

    Profile photo of RickHyRickHy
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    @rickhy
    Join Date: 2003
    Post Count: 39

    BC rate of $36 p/w and rates of approx $1200 p/a.
    My worry was the price….does it seem on the mark or a little high ??

    quote:


    Check out the on site management costs – they will probably kill this deal.



    Profile photo of OPMOPM
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    @opm
    Join Date: 2003
    Post Count: 110

    Sounds a bit on the high side and the yield is pretty ordinary at 5.3% for this area.
    If you bought up the road at Beenleigh or Logan, you’d be getting about 8%.

    The problem with Coomera is that there is still a lot of land in the area that can be released. Obviously this will satisfy any future demand which will not be good for cap gains.

    Profile photo of hilaryhilary
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    @hilary
    Join Date: 2002
    Post Count: 146

    RickHy,
    don’t get management costs and body corporate confused – they are 2 different things. Body corp. looks after external maintenance, whereas management fees are for finding tenants – like real estate management, but normally a lot dearer.

    Profile photo of susie_langmaid_2susie_langmaid_2
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    @susie_langmaid_2
    Join Date: 2002
    Post Count: 44

    [8D]
    Hi Ricky H,
    I live at the northern end of the Gold Coast. My advice – don’t touch a unit,duplex or t/house in the ‘Upper Coomera’ area, overpriced to the hilt (I work for builders & developers). You can still buy a reasonable 3-4 bed house in that suburb for around $210-$230k, unfortunately there’s a bit of riff-raff in the rental market there so rent prices are still quite low $220pw.for this type of house but they will come in +CF in the near future – they’re building a massive shopping complex, more schools and a Uni there too.
    Hope this helps a little. Cheers big ears!!!
    Susie.

    Profile photo of RickHyRickHy
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    @rickhy
    Join Date: 2003
    Post Count: 39

    Thanks for your input guys.
    I have looked into things further and done the inspections ect.
    We have put down the $$$ on a 3 br plus study, 3 bathroom split level property on Coomera. It is in a security complex with 4 pools,shops, 2 gyms ect.Projected rental is between $270-$310p/w. Body corp of $34 p/w and on site managers rates 7.5%….this is our first one…hoping their are more to come.

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