Hi There,
I have been recommended an investment property in South East Queensland – Coomera. As im from Sydney I dont know much about this area. I would like some advice from locals around that area. Would this be a good place to invest? What are your thoughts on this area?. What is the median price range there for houses? Your thoughts on this would be much appreciated.
Many Thanks,
JD
Hi, Coomera is a major growth area of the Gold Coast. It’s in the northern end of the coast and stands opposite dreamworld. I live 15 mins from there down near Nerang.
The northern area of the Gold Coast is still going through major growth, in fact most of south east QLD is. I have heard figures of 1,500 people per week migrating up here from souhtern states. I am from Sydney & lived on the Gold Coast since 1995 and haven’t seen this place slow down yet.
As far as potential is concerned at Coomera. I am not an expert here but I would say if your after +CF then you can just about forget it. But if you after longer term capital gains then your in a nice area.
Please be wary of buying on the Gold Coast from interstate as us locals are always hearing of people buying from interstate at over inflated prices. I bought a Town House a couple of years ago that the person we bought it off had to dump it for $50,000 less than he bought it for. He bought the property without seeing it purely becasue it was “Gold Coast”. This was pre-boom also.
Bottomline… buyer beware!
Thanks for your reply. The place i was referring to, is situated south approximately 5-7min drive from Coomera train station. In your opinion is $316,000 for a brand new 3 bedroom house at a reasonable price?
Jason,
How many square metres (internal)? Double or single garage? How many levels? How many townhouses in the complex? Quality of internal specifications?
Woodsman
Great cash flow opportunities. PM me for more informationJason
Do a quick search on http://www.realestate.com.au to get an idea on local prices.
IMHO though, you need to be careful investing in an area where there is very little constraint on future supply. This part of the Gold Coast has a lot of land available for future development.
Remember, you generally get price growth if there is a shortage of a scarce commodity. This becomes more important in a flat market as buyers thin out and demand for housing falls. If developers keep developing then it leads to oversupply and prices tend to stay the same or even fall.
However if you are buying in an established area then the only properties on the market will be from people selling existing properties and it is unlikely thet people will do this on mass. If you have purchased a desirable property in such a location then your property stands a better chance of capital appreciation.
Regards
Sailesh
http://www.developersedge.com.au
130073 5934
Coomera is a great future area, as with any intellegent purchase you must research well.
Ring four (4) local agents.
Is there a rental guarantee
Is the sales consultant licienced
were you telemarketed
what is the true value
Get an independant bank value report
etc etc … regards Phil
Hi All,
Ive used the research report from Matusik and its sounds quite promissing. However I have a dilema as Sailesh was saying, as this is a new suburb there is alot of development at the moment and areas around it as well, which is hard for capital appreciating as there is so much supply. The property i have mentioned provides a one year rental guarrantee at a 4% yield. The property is 132 sqm, land is 404sqm, 1 bathroom, 3 bedrooms, single garage and one level. Also kitchen is supplied with smeg applicances. Im hoping that there will be capital growth so that i can use this equity for a deposit on my next purchase within the next year or so. Any suggestions?..confused [blink]
Hi again,
Yes I can agree with sailesh. I am no preperty expert but I can say that there is a glut of new housing in this area.
I am a computer tech that drives the entire Gold Coast, I have done this for years & I know areas & pockets of areas like the back of my hand.
I know Coomera very well & the type of people that are living there. Mainly families with dual income, southerners mainly that have just moved to the coast & are trying to find their feet in the local area.
But as far as supply is concerned there is heaps of it. There is land developement going on up there as far as the eye can see and there definately isn’t a shortage of it. This could go on for years at the rate at which it is going & still not stop. Plus there is the land to support it.
Not only do you have land from northern Gold Coast (Coomera, Yatala, Ormeau Etc) to southern Brisbane suburbs (Eagleby, Logan, Beenleigh etc) but there is no end to it heading west from these areas either.
My opinion of the area & also the migration to the area is that as far as +CF property is concerned.. forget it. Capital gains you probably would get but how much over how long is open to debate. But I wouldn’t be expecting huge amounts of it in 12 months.
Lastly, there are areas on the Coast here that had huge capital gains growth through the boom (Varsity Lakes around Bond University etc) and now there are reports of people dropping the sale price of these properties becasue there is so much of it there. Everyone bought in through the boom & now everyne is selling. Beautifaul upmarket area… over supply of rentals & sales.
Bottom line again… Due diligence, and don’t expect landslide gains!
Mate once again and i am sorry i am being so direct BUT, this question has been asked 1000 times so go back and do a search.
Do some home work, how old r u, http://www.realestate.com.au, http://www.domain.com.au, don’t buy from a marketing company!!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
