I'm looking at buying a house on the Isle of Capri Gold Coast with a view to making it my PPOR in the future. Tried to buy this house 3 years ago but my offer was rejected – only reason I'm keen to buy now is that the house has been on the market again since Easter and have managed to negotiate the price down to what the owner paid for it 3 years ago.
I would have to put this house on the holiday rental market to purchase – have crunched the figures based on 65% occupancy and it is CF+. By the way I operate my own travel business so fully understand the industry, occupancy, rate structure etc… am looking at using a local agent to manage, supplemented by http://www.stayz.com.au and a dedicated website for the house.
The house has a nice pool and is in good condition, non-waterfront but faces a reserve on the main river. 4 bedrooms, 3 bathrooms – would sleep 8-10 (10 using sofa bed in lounge). Walk to local shops 5 mins and 15mins to beach and Surfers.
Anyone currently operating a holiday rental house on the Gold Coast? I'd really appreciate the wisdom of your experience.
I'm not too concerned about holiday market dropping off in the current gloom and doom – the Hawaii and Thailand beach brigade if stretched financially will go to the Gold Coast, joining those who normally holiday there anyway.
Any feedback welcome – thank you!
I hope this can help. I live on the gold coast and have noticed the changes.
Holiday rentals are doing well, price value to buy has dropped in some great locations by 40%, like beach and water.
Water side can fetch 1500 – 3000 per week rent in summer and easter.
views, water, close to beach is still the best option.
I will try to get a local website for holiday letting for you if required.
consider different locations away from tourist strip as the growth in holiday letting is in areas away from Surfers Paradise – like Burleigh Heads & Palm Beach(secret is out)
Will
Thanks Will, I appreciate your feedback.
Unfortunately (or fortunately depending on your viewpoint!) my proposed house is on the Isle of Capri… still hopeful it will be a viable proposition. As I said I want to purchase with a view to it being my PPOR down the track, so this is my motivation (and the ability to service the loan in the meantime) is more a driving factor.
I have my own travel business so will be marketing it aggressively – Do you own a holiday rental yourself?
Kind regards
Robyn
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