Hi, currently i have 25K in the bank earning very little interest. I was thinking of buying an apartment on the Gold Coast as an investment property. Is this a good idea or not? Currently i rent in Victoria.
Tadine, why do you think that the grass is greener in Qld ?
From what I hear there are many opportunities in Victoria so why not make it easier on yourself and look there instead ?
Pisces133
I believe SEQ is still a good place to invest but really check it out carefully. Don’t forget you will have B/C as well as rates if you buy an apartment and that can be probably anything upwards of $25 a week, a lot out of the rent. Some of those big towers in Surfers are very large B/Corp rates.
You would need to be aware of just where the area you are thinking of is. Some marketers say that areas such as Coomera, Ormeau, Helensvale etc are the Gold Coast and southern buyers tend to think sand and surf. But they are within easy travelling distance of Surfers Paradise and the tourist parts, and are in the Gold Coast corridor – between Southport & Brisbane. We’ve just listed a townhouse we’ve had for three & a half years at Upper Coomera with good rental history, onsite manager and $5 each 6 months rental increase.
Have a look at realestate.com and type in all the Gold Coast suburbs and you’ll be able to see what sort of properties and prices are available. Then ring the agents and talk to them, not one or two but many to get a feel of the market and rentals and whether permanently let or holiday.
For what it is worth, I’d put $20,000 in short term deposit at 4.75% at least for 3 months, gives you time to do your research.
Anna
Hi, currently i have 25K in the bank earning very little interest. I was thinking of buying an apartment on the Gold Coast as an investment property. Is this a good idea or not? Currently i rent in Victoria.I have some contacts in Queensland/Brisbane. Send me an email and I will forward the details [email protected]
G’day Tadine…
I had some good advice from a Gold Coast cabbie many years ago…and I quote
“There is plenty of money on the Gold Coast, but they brought it with them from down South…This is where they lose it”
He was an old timer and he was right.
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Too true Bill. And here I sit on this early Gold Coast morning, the weather sure is beautiful…but…currently it is almost impossible to find a house under $300,000, with possibly Nerang being the only suburb at 220 – 300,000 for end market homes. They have been building apartments at an alarming rate here, especially along the broadwater from Surfers through to Runaway Bay. Friends and I are all waiting for the over-supply of apartments which we can see coming.
Also, just two months ago the rental pages in the paper were only a page or two and now they are up to ten pages. I am seeing ‘for rent’ signs along streets and on lamp posts where I havnt seen this for a long long time.Schoolies is just around the corner and surfers is currently having a lot of bad press about how unsafe it is – though during the day it is just fine. The GC has also become the biggest hoon capital in Australia. But on saying that I love living here and never go into Surfers anyway…why would you!
I agree, put your money in a short term deposit, have a look at the Gold Coast bulletin saturday paper for the rental situation and do some good research. Watch out for sharks!
cheers.Thanks for all of your replies, I think that i need to spend a bit more time really looking into the prices of properties up in the gold coast and doing my sums to work out if it really is a good investment!
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