Hi Everyone
I am in process of buying my first IP in Coomera. I have finally taken my first step after 6 months of confusion etc. & right now I am in cooling off period of contract which is making me write this query.
I would appretiate some help.
I am buying a near new 4 bedder house on small land (around 380m2) is this a right choice as I am not local. Though I found a lot of similar size block there.
This house is mainly made of wood except the front face of house, I have heard of termite problem in Gold Coast but is it big n Coomera.
I do not want end up paying for repairs every day outta my pocket.
Thanks in advance
Do some research in the local area on what such a house in worth. Based on the block size the house can be a maximum of 190 sqm. A house this size on a level block should not cost any more than $200k to build. This is a typical build cost for a low set house with a turn key finish with inclusions such as two split system a/c, full security screens, ceiling fans, dishwasher, etc.
Now that you know the typical build cost do your research on land cost to determine if what you are paying is a fair price.
Please keep in mind that if you you are buying a finished product you will be paying additional costs over and above the land and build cost as marketing companies have to spend a lot of money to present the property opportunity to you. Naturally this cost will be added to your purchase cost as well.
Good luck with your purchase.
gurjjeet wrote:This house is mainly made of wood except the front face of house, I have heard of termite problem in Gold Coast but is it big n Coomera. I do not want end up paying for repairs every day outta my pocket. Thanks in advanceMost houses are made out of wood, unless you build a steel framed house. Even then you will have wood in your architraves and skirting. The brick external cladding that you see on most homes is just a facade.
If the sides of the house is constructed in weather board then it is most likely a man made material and should not be effected by termites.
Termites are everywhere therefore, what you need is a good termite control system with an annual inspection by a professional. This regular routine needs to me maintained to keep your warranty valid. If you have such a system in place then you need not worry about termites.
gurjjeet wrote:Hi Everyone I am in process of buying my first IP in Coomera. I have finally taken my first step after 6 months of confusion etc. & right now I am in cooling off period of contract which is making me write this query. I would appretiate some help. I am buying a near new 4 bedder house on small land (around 380m2) is this a right choice as I am not local. Though I found a lot of similar size block there. This house is mainly made of wood except the front face of house, I have heard of termite problem in Gold Coast but is it big n Coomera. I do not want end up paying for repairs every day outta my pocket. Thanks in advanceI'm curious gurjjeet, what made you choose Coomera? I'm also thinking of buying my first IP in Coomera region as well. But for me its a tough choice between Ipswich and Coomera because I've heard good things about both places.
The way I see it, Ipswich has alot happening for future employment, housing demand due to affordability, new infrastructures, transport etc however so does Coomera but I reckon the boom isn't for a while, correct me if I'm wrong? I was told my an agent the rental market now is dying down as there are more vacant houses in the area and tenants have more options to choose from. Coomera is also more expensive than Ipswich, and I'm abit unsure as to whether I want to plunge my money there because it'll definitely be negative geared well I guess same with Ipswich.
Cheers.
jsoohoo wrote:gurjjeet wrote:Hi Everyone I am in process of buying my first IP in Coomera. I have finally taken my first step after 6 months of confusion etc. & right now I am in cooling off period of contract which is making me write this query. I would appretiate some help. I am buying a near new 4 bedder house on small land (around 380m2) is this a right choice as I am not local. Though I found a lot of similar size block there. This house is mainly made of wood except the front face of house, I have heard of termite problem in Gold Coast but is it big n Coomera. I do not want end up paying for repairs every day outta my pocket. Thanks in advanceI'm curious gurjjeet, what made you choose Coomera? I'm also thinking of buying my first IP in Coomera region as well. But for me its a tough choice between Ipswich and Coomera because I've heard good things about both places.
The way I see it, Ipswich has alot happening for future employment, housing demand due to affordability, new infrastructures, transport etc however so does Coomera but I reckon the boom isn't for a while, correct me if I'm wrong? I was told my an agent the rental market now is dying down as there are more vacant houses in the area and tenants have more options to choose from. Coomera is also more expensive than Ipswich, and I'm abit unsure as to whether I want to plunge my money there because it'll definitely be negative geared well I guess same with Ipswich.
Cheers.
Yes, I also been suggested by my agent JDL strategies to buy in Coomera, QLD, 4209 for a townhouse unit $ 435.000 2 bedroom 1 Bathroom 1 garage.
I wonder if this is still a good place to buy this year but according to this report it doesn’t seems to be any good recently: http://www.investsmart.com.au/property-research/QLD/4209/Coomera.asp
Any comments are welcome.
$ 435.000 2 bedroom 1 Bathroom 1 garage. In Coomera??? LOL
Why would you???
Hi Henry,
You are well and truly paying overs at that price for a 2 X 1 X 1.
Coomera like much of the Gold Coast and its hinterland is struggling big time.
How did your purchase work out Gurjjeet?
Catalyst wrote:$ 435.000 2 bedroom 1 Bathroom 1 garage. In Coomera??? LOLWhy would you???
Is that too expensive for now ?
I wouldn’t have a clue as I’m in NSW
Friends I was lucky not to buy in the area…I had a gut feeling that something was not right..feeling I had was that I was paying high price..also the prooerty I was going to buy was of very bad built quality. That is another thing all this boom there has resulted in a lot of substandard building.
Henry u are definatly paying a lot ….property i was investigating was 420k for standalone 4 x 2 x 2.being from the gc 435k for a unit at coomera is ridiculous mate your getting ripped, at the moment gc is struggling mostly because of the way tourism is at the moment and i reckon because of all the bad publicity you hear bout the gc at the moment too, crime rate is out the roof and everyone is running from that area, coomera being the one of the worst areas for it too. but a few years back i heard that some asian mob was building a massive cbd out at coomera but havent heard of anything for awhile, and if mayor ron clark gets the FIFO contract he applied for and the gc gets the commonwealth games i feel the market on the coast will slowly pick up again. But that 435k for a unit is ridiculous mate, ill sell you my 3 bedroom housewith inground pool on a 750sqm block for that and its at oxenford closer to the big shopping centres and railway station then coomera for that price haha.
James and Gurjjeet, many thanks for the reply and suggestion, you are right I feel that this JDL Strategies has misled me to buy in this area for CG purpose
Hi Gurjeet,
I have also met with JDL Strategies for an appointment after attending one of their seminars a while back and have to say that I found that the properties they were offering were extremely overpriced!
Its really important to do your own due diligence on property to make sure 1) You are paying the fair market price and 2) that the property you are purchasing fits the demographic of what people are looking for in that area. I know of the Coomera area and its main demographic is young families, so purchasing a 2 bedroom townhouse with one bathroom and 1 garage for $435k is the most ridiculously priced property that I have ever heard off! Don't quote me on this but I am pretty positive that you could pick up a 2 bed townhouse in that area for below $300k easily and many to choose from!
I hope this helps!
Hate seeing innocent people being taken advantage of… need to be wary!
@sholtz: Good to hear that, I almost go ahead with that IP, so I’d rather invest in Central Coast NSW area like Terrigal or the Entrance then.
Thanks for the suggestion mate.
@henry Adams Im glad that you decided not to go ahead with the purchase of the property in Coomera, if you are looking for another great hotspot in particular in NSW I think you can't go wrong with a property out in the Hunter Region. There are so much infrastructure and developments planned for that region literally billions of dollars, that you should see great capital growth!
You can get a great 4×2 on a large block for sub $400s and achieve a decent rent over $400 pw. There is a very low rental vacancy in the area, and constand demand for rental properties.
Food for thought!
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