Gold Coast

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taxdiva
Participant
@taxdiva
Join Date: 2011
Post Count: 25
September 4, 2018 - 1:13 pm
Hey Team looking for our next IP. Like the idea of Airbnb on GC as very low vacancy. Looking at sub 500K, end goal retirement income. Heard that GC well serviced for quality property managers specialized in Airbnb. Seeking some knowledge from current landlords. My questions:
1. Is income from Airbnb solid
2. What is your experience of property managers, any recommendations
3. What are council implications
4. Recommendations re suburb
5. Anything else you wish to offer
Many thanks
Jaxon
Participant
@jaxona
Join Date: 2014
Post Count: 284
September 10, 2018 - 12:47 pm
1. I don’t Airbnb personally for IPs but from friends they love it (central apartments strong returns)
2. there are a couple I like but to be honest find someone you can have a good conversation with
3. no legal ramifications that I have seen yet, but in a zone that does not permit short term accommodation (such as low density or medium density residential), they will need to apply to the Gold Coast City Council for a Material Change of Use development approval (MCU).
4. better to chat as it depends what you want to offer, etc, at that price point you have a few options
5. you can get central apartments in central zoning with strong returns and given circumstance I have an idea that might do very well, if its in your capacity.
Jaxon | Jaxon Avery – Financial Adviser
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Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
September 19, 2018 - 11:14 am
Hi there
This is an area I’ve started to take a closer look at. Some clients are starting to go down this path and my wife runs an airbnb management company so I’ve taken more of an interest in it.
1. Is income solid?
Like any investment – some will do better than others. If the property is in a popular tourist destination that isn’t dependent on seasons then the income can be reasonably consistent.
2.What is your experience of property managers, any recommendations
I can’t speak for the Gold Coast but I’m sure there’d be some airbnb property managers – it’s the perfect location for that service. Just check that there’s no hidden/extra fees – ideally you want to just pay the one fixed percentage cost. My wife runs a popular airbnb management company in Noosa – their website has some good info that might help.
3. What are council implications
I’m not sure about the Gold Coast – it can vary from council to council. Some will charge an additional levy with rates.
4. Recommendations re suburb
I’d look for something in close proximity to main tourist spots. Location is always important. Have a look at airbnb and see where the most popular properties are within the Gold Coast – get a feel for the type of properties that are in high demand.
5. Anything else you wish to offer
Do lots of research before committing to a purchase. At the very least – you want to know that the property will provide a reasonable return if you have to revert to plan B and place it on the normal long-term rental market. There’s also some implications with obtaining finance which I touched on via this blog post
Hope this helps :-)
Cheers
Jamie
- This reply was modified 6 years, 2 months ago by Jamie Moore.
Jamie Moore | Pass Go Home Loans Pty Ltd
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