G’day all,
I am exploring the idea of purchasing a unit in a high rise on the Gold Coast. With rumours of oversupply and units being sold for 70-80c in the dollar.
What should I be looking for as a major reselling point when buying a unit? I understand that 2 bedders are more desirable than 1 bedders (and more expensive) and carparking is desirable.
Any other major points which would influence you to buy one or another?
Thanks guys,
There’s a lot more to coinsider, like strata rates & all outgoings ect. I’m not a big fan for multi rise developments, I’m more for a house & land package, villa, townhouse, something with some land component. More value for the same amount spent.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
Hi
I agree with Roy – you really need to consider the costs – strata levies are usually high because of facilities, lifts etc and maintenance on these types of blocks.
As with any investment the things to check are re-sales in the area, real values (not what the agent says, vacancy rates as well as outgoings. Then there’s your rental return (residential or holiday).
Demographics also come into play for these types of apartments. High rises are traditionally occupied by couples or singles in groups, not families. Is this the demographic for the area? Might influence whether or not it’s easy to get tenants.
I’d have a look around for other properties in the area of a similar price and do you calcs as to your overall return to see if it meets you investment objectives.
Hope this helps.
Megan
http://www.propertyhub.net
Your Investing, Structuring and Developing Information Hub.Hi batts,
High rise units here on the GC are not very popular these days. I would listen to advice of others here and do a very thorough research on this topic. I was interested in one of those units last year but more digging i was doing i found them to be not so good investment.
Good luck.Yasmina
Thanks GPS, Yasmina and Gafama,
I really appreciated the feedback and advice. I want to make sure I do as much research as possible prior to jumping into something like this.
The oversupply is a definate concern, but I just need to workout if the underlying population growth/demand will make it worthwhile.
Cheers,
Batts
Hi Batts,
I live on the Gold Coast, have all my life, and have 2 x ip here, but not hi-rise. Would never do that. Whatever you do, look very closely at not buying Surfers Paradise – it is a dive these days.
I agree with the other guys. If you can, perhaps get something close to the Broadwater – you may want to look into a new develompment application (yet to be approved) for the International Shipping Dock. I am hoping that will send our units sky-high. Always wishful. Good Luck.
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