Simmi here, Im a newbie and have loved reading the forums from you knowledgeable people. Hope someone can help me. Ive had my nose in the local paper (Gold Coast) and have found a fantastic property in William Street Tweed Heads. Its an old fibro 2 bedroom home, with loads of potential however the potential I see in a fews years to come will be astronomical as far as land value. It is located near the Tweed River both from Dry Dock Rd and Pacific Hwy. I called the agent and asked some ???? which he really could not give me any informative answers, so here I am asking you guys if you know what future town planning the Council may have in the area. Also future growth forecasts. The price of this house is — wait for it — $289K which I think is cheap. Can someone advise me if this would be an opportunity to snap up? I am waiting for the listing agent to ring me to set up a time to inspect the property as it is rented out (@ $190/wk) so hopefully I can look at it on Friday. What other (right) questions should I ask the agent when I meet with her? Waiting to hear from you.
SimmiHi Simmi,
I don’t know how much 2 bedroom fibro homes cost around the Tweed Shire cause it would depend on the land size and the condition of the house.
There are alot of new units, townhouses and developments around that area mainly 3 bedroom.
A new 3 bedroom townhouse is renting between $280-$305 p.w. Most of them are in estates with pool, spa, security, gym, tennis courts etc.I think there will be a new marina built around Dry Dock rd. It’s just behind a set of new developments. I’m not sure if they have started building but that’s what I was told by a RE Agent.
About 3-4 wks ago in the SMH Sat paper it was mentioned that overall property in Tweed Heads has increased by 13%. The whole area is developing and there is a major highway being built around Tugun (just north of Coolangatta).Part of the SE QLD developments for the future. I think there is alot of potential for capital growth in the future. You can get Residex reports for more information.
I’m thinking because of competition from the new developments you should try and renovate to a 3 bedroom. Or do something or advertise something that will set it apart from the other units like a big backyard to have a BBQ, extra storage space in the shed out the back, extra parking space, no major noise restrictions that you get with strata laws.
You need to find out first prices for other similar properties to make sure your not overpaying and also the average rent price for a 2/3 bedroom house. Banora Point & Kingscliff are other popular areas you might want to check out.
If your strategy is for growth then it can potentially be a good property.
Hope this helps.
Hi simmi
had a look at the property on realestate.com
its a lovely green
but you know what put me off….
asbestos
thats right ASBESTOS
roof and walls
my mate just past away after renovating his asbestos cover holiday house.
and looking at the units next door to your investment….would you have to completely enclose the building to stop asbestos dust????
sounds expensive….
but what the heck…
300k sounds like a bargain.
maybe there’s a reason why its a bargain?
harryThanks both for advice. There is a battleaxe block with house behind this property which I would also have to purchase to build 3-storey walk up units. Asbestos….most certainly, however most of these old props here in Qld has asbestos roofing. Anyway I thought the property was a good buy. I met with the agent and told him that I wouldn’t pay any more than $230K for the property – just to put my feelers – and he asked if I wanted to formerly make this offer. Anyhow, thanks again for the advice.
What a fabulous forum – This is excellent.
Simmi
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