Advice for Gold coast uppper coomera/pimpama

Gold coast uppper coomera/pimpama??

Hi everyone,

An agent has contacted me recently to try to sell the house and land package (new estate) in upper coomera/pimpama, a typical 450m2 land + lowset 4/2/2 house for about 450-480k.

I have read and search in the forum have found most people don't like the suburb and house and land package as its own not a good investment, in summary:

1. Pimpama is middle of nowhere, still need half hour drive to brisbane/gold coast
2. It has lots lots of lands released or to be released
3. In house and land, developer has a lot of margins. in this case, there is agent selling, so extra costs and even higher margin passed to end buyer.

But the agent has made some points about the good things on the location and the estate:

1. It has new westfield shopping centre which is walking distance, it also has primary and high schools
2. It has 1 year rental guarantee, with rental yield about 6-7%

For my situation, it also has following benefits:

1. First home buyer grant $15,000
2. Higher depreciation schedule
3. Buying this is kind of set and forget, because quite busy with job so this is quite good for me.

I still could not make decision as i am not familiar with gold coast, uncertain about the economy there and population growth, and agent said there will be about 100-150k CG in 3 years which i highly doubt. but on the other hand i like it has a westfield shopping centre within walking distance, and all the amenities.

Could anyone give me some advice/suggestions?
 
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Do not make any decision unless you are familiar with the location and certain this is a good thing for you in your individual circumstances. If you have any doubts, then hold off.

While you are waiting, what are your answers to these questions ...

How will depreciation help you?
Does a person get first home buyer's grant for an investment property in Qld?
How much stamp duty will this cost you?
Why does the agent have to offer you a rental guarantee?
What is the typical rent in this estate?
What is NOT included in the purchase price that you will have to pay for?
What can you buy for the same price much closer to Southport or Brisbane?
What is the rental vacancy in this suburb and what does the graph on SQM tell you?
What will you do if you cant get a tenant at any time?
 
Positive Real Estate was pushing Coomera in 2008. They called it Boomera Coomera. What's happened since then? Boom?

It sounds like another company pushing properties to us Southerners. Are locals buying there?
 
@Angel, yeah thanks for your reply, your questions are really comprehensive.

Regarding to the 1st home buyer grant and stamp duty, the agent said he could organise some cash tenant so that i could still get the first home buyer grant and stamp duty waived. But i thought it's cheating so was planning to leave vacant and go there on weekend with my family if buy it, as 1st home buyer grant + stamp duty > 1 year rent

After reading through your questions and try to answer myself, i pretty much decide to hold off and will look back into the areas i am familiar and confident with, thanks :)
 
@Angel, yeah thanks for your reply, your questions are really comprehensive.

Regarding to the 1st home buyer grant and stamp duty, the agent said he could organise some cash tenant so that i could still get the first home buyer grant and stamp duty waived. But i thought it's cheating so was planning to leave vacant and go there on weekend with my family if buy it, as 1st home buyer grant + stamp duty > 1 year rent

After reading through your questions and try to answer myself, i pretty much decide to hold off and will look back into the areas i am familiar and confident with, thanks :)

I hope you are wearing your running shoes ? Run away from that deal
 
"Regarding to the 1st home buyer grant and stamp duty, the agent said he could organise some cash tenant so that i could still get the first home buyer grant and stamp duty waived."






WTF???
 
Regarding to the 1st home buyer grant and stamp duty, the agent said he could organise some cash tenant so that i could still get the first home buyer grant and stamp duty waived. But i thought it's cheating so was planning to leave vacant and go there on weekend with my family :)

Good decision.

No matter what the agent says or does, it would be YOUR signature on the declarations, and YOU would pay the penalty for false statements.
Marg
 
Good decision.

No matter what the agent says or does, it would be YOUR signature on the declarations, and YOU would pay the penalty for false statements.
Marg

Hey mate, I live locally in Cornubia. I have some friends who live in that area and from my personal experience, people don't buy out in Pimpama or Coomera for 450m2 crammed in houses.

They buy out there for the larger lifestyle lots. Now in terms of renters, have a look at the boom town app. Ask agents in the local area bout rents and vacancy rates.

Personally, I believe there are far better areas up here to invest in than Pimpama or Coomera. Kingston, Marsden, Waterford West, Loganlea. Hell, if you want more expensive places look at the disparity between Tanah Merah and Cornubia prices!
 
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