ADVICE PLEASE re: SORRENTO GOLD COAST

[sonnyhuy]

ADVICE PLEASE re: SORRENTO/ISLE de CAPRI GOLD COAST

Hi all,

I'm very interested in purchasing a waterfront canal house in Sorrento (near Bundell) Gold Coast as an investment property. Also similar property in Isle de Capri.
The houses look great and the locations appear fantastic but I don't know a lot about these small suburbs.
I'm from Sydney and have not travelled to the Gold Coast for many years.
Could I please ask your opinion on these suburbs? Pros and Cons? Any flooding issues? Good for renting?

Many thanks for your help,

sonnyhuy

 

[powderfingers]

Hi all,

I'm very interested in purchasing a waterfront canal house in Sorrento (near Bundell) Gold Coast as an investment property. Also similar property in Isle de Capri.
The houses look great and the locations appear fantastic but I don't know a lot about these small suburbs.
I'm from Sydney and have not travelled to the Gold Coast for many years.
Could I please ask your opinion on these suburbs? Pros and Cons? Any flooding issues? Good for renting?

Many thanks for your help,

sonnyhuy

Hi Sonny

These are both good areas, nothing wrong with them as far as I know and strong rental demand. They would be only likely to flood in a very extreme weather event, should be ok there.

 

[belvoir]

Flooding chance does not matter. What matters is the cost of insurance.

If it floods and you have insurance its all good.

 

[jerryparker]

Hi all,

I'm very interested in purchasing a waterfront canal house in Sorrento (near Bundell) Gold Coast as an investment property. Also similar property in Isle de Capri.
The houses look great and the locations appear fantastic but I don't know a lot about these small suburbs.
I'm from Sydney and have not travelled to the Gold Coast for many years.
Could I please ask your opinion on these suburbs? Pros and Cons? Any flooding issues? Good for renting?

Many thanks for your help,

jerryparker

sonnyhuy

I live on the Gold coast, Sorrento is a nice area... Its not Paradise Waters Problems with the canals can be, the shallow end where water gets stagnant and sand flies...they all have sand flies. Or a very narrow canal. Faceing North to water is aslo important to keep the house warm in winter and cold in summer. Also avoids the heavy afternoon glare.

Re Isle of Capri...great spot, but at rush hour the bridge gets very conjested.


Access to the main river is best.

Hope this helps...or If I can help you find something let me know. Mermaid Beach is a popular area where investors are getting places under 1 million

 

[sonnyhuy]

Hi all,
Thank you very much for your comments. Sorry for the late reply as I have been so busy of late.

To update, I have recently purchased my first IP in the Gold Coast, a canal front home at Broadbeach. Here is the link:
http://www.realestate.com.au/property-house-qld-broadbeach+waters-119362791
My buyer agent has bargained it down to $819K.
I'm very excited about this property. Rental appraisal is $750-800.

I have a few questions:

1. Do you think this is a good buy? Good potential for CG (I want to hold it for a long time) ?

2. I am already thinking of my next IP which I can either use SMSF (I have around $230K) or another $700-800K from equity. Should I continue with the Gold Coast (e.g Labrador..) or go inner/middle ring Brisbane (Holland Park...Mansfield)?

Many thanks

 

[JDP1]

Hi all,
Thank you very much for your comments. Sorry for the late reply as I have been so busy of late.

To update, I have recently purchased my first IP in the Gold Coast, a canal front home at Broadbeach. Here is the link:
http://www.realestate.com.au/property-house-qld-broadbeach+waters-119362791
My buyer agent has bargained it down to $819K.
I'm very excited about this property. Rental appraisal is $750-800.

I have a few questions:

1. Do you think this is a good buy? Good potential for CG (I want to hold it for a long time) ?

2. I am already thinking of my next IP which I can either use SMSF (I have around $230K) or another $700-800K from equity. Should I continue with the Gold Coast (e.g Labrador..) or go inner/middle ring Brisbane (Holland Park...Mansfield)?

Many thanks

Your first question - no idea, but seems fair price to me. Good on your Ba negotiating it down.

Second question - considering your first there was house on land overlooking canal, and has the real lifestyle thing going on, I'd seek to diversify into something close to Brisbane CBD. Perhaps even a unit about say 5-6 km from the CBD with train/bus into CBD and universities. The market is quite different for this stuff than what you have already bought and gives a long term diversification to your property holdings. Well located ones should rent out quite easily as well. I don't need to say that btisbane yields are probably the best of any capital city.

 

[Scott No Mates]

Look at areas around Teneriffe, Fortitude Valley, New Farm, Newstead or Merthyr for proximity to the cbd.

 

[INVSTOR]

I keep accidentally searching Realestate.com Sorrento Qld instead of Sorrento WA. I get excited about the houses and prices then realise I've searched Qld. looks like a nice area and much better value than WA! I might accidentally buy there instead.