Coomera - NRAS?

[dbun]

Hi guys, I'm new to the forum

Just wanting to get some opinions on Coomera, QLD as a location for an IP?

I've been talking with a property group about an NRAS development in that location.

The numbers seem to stack up, but I'm really unsure on the area as I'm in Melb. I'm nervous about it being in a possible flood zone, but at the same time it looks like development is starting to take off in the area.

 

[Happydays]

Hi guys, I'm new to the forum

Just wanting to get some opinions on Coomera, QLD as a location for an IP?

I've been talking with a property group about an NRAS development in that location.

The numbers seem to stack up, but I'm really unsure on the area as I'm in Melb. I'm nervous about it being in a possible flood zone, but at the same time it looks like development is starting to take off in the area.

There has been chat of a Westfield being build in the area for quit some time but still no dirt has been turned. Not sure if it will ever get build, Google Coomera Westfield should find a fair few articles.

High crime rate(black sheep suburb of the Gold Coast), low employment, cheap entry point, High Population growth, Lots of money being spent on the suburb.

I have an investment property there, Wouldn't say it was my best ever choice but very low hold cost for me and still a possible bright future.

2 years ago when I purchased someone was trying to sell me an NRAS property in Coomera and i discovered all the NRAS properties being well over priced. 50k more then a similar house in the same street without NRAS.

 

[dbun]

There has been chat of a Westfield being build in the area for quit some time but still no dirt has been turned. Not sure if it will ever get build, Google Coomera Westfield should find a fair few articles.

2 years ago when I purchased someone was trying to sell me an NRAS property in Coomera and i discovered all the NRAS properties being well over priced. 50k more then a similar house in the same street without NRAS.

I thought they had finally applied for a permit with the local council? At least that's what I thought I saw in the newspaper.

I also had the same thoughts too. Just looking at some real-estate sites seemed to indicate that anything with NRAS attached to it was overpriced.

Looking at Google Maps also seems to show a lot of spare land around, so there could be a chance of oversupply in the future?

The only benefit being NRAS is that it will cost literally nothing to hold as the government bonuses pretty much keep in positive geared.

 

[cozmicmel]

I think there are better places to invest. There is so much land to develop in Coomera and the surrounding suburbs. Doubt there will be much capital growth.

 

[dbun]

I think there are better places to invest. There is so much land to develop in Coomera and the surrounding suburbs. Doubt there will be much capital growth.

This was my exact thought too. I'm not familiar with the area, but thanks to the goodness of Google Satellite, I could see plenty of land for future development.

 

[Heinz57]

I wouldn't have thought there was a shortage of affordable rental housing in Coomera. So why the need for NRAS? Sounds like spruiking.

 

[dbun]

I wouldn't have thought there was a shortage of affordable rental housing in Coomera. So why the need for NRAS? Sounds like spruiking.

Beat me to it. I'd observed that the rental prices were quite low anyway.

I always use the test of, "is there a need for NRAS in this suburb?" If not, then you can bet the developer isn't selling as fast as he would like, so he's had some properties NRAS rated to flog of to 'investors'.

That's my theory, anyway

 

[geoffw]

I think there are better places to invest. There is so much land to develop in Coomera and the surrounding suburbs. Doubt there will be much capital growth.

That's what I thought ten years ago when the family went there on holiday.

Not a lot of movement in eight years:
http://www.domain.com.au/Public/suburbprofile.aspx?mode=research&searchterm=Coomera

 

[cozmicmel]

Thought you might like this..
http://www.propertyobserver.com.au/...y-eye-than-buy-nras-todd-hunter/2013090464795

 

[geoffw]

Thought you might like this..
http://www.propertyobserver.com.au/...y-eye-than-buy-nras-todd-hunter/2013090464795

An interesting article. But absolutely full of inaccuracies. At least half of the statements he makes are factually incorrect. He hasn't done his homework on the subject very well at all.

He does say that properties can be overpriced- one of the few "facts" stated which are factually correct IMO. That has been stated here before. Along with the recommendation to go with independent valuations.

 

[OKFFW]

Thought you might like this..
http://www.propertyobserver.com.au/...y-eye-than-buy-nras-todd-hunter/2013090464795

Wow, simply wow.

It surprises me that someone can claim to be an expert in the property market and then write something that is so demonstrably wrong on so many points that it just ends up making him look like a (pardon the language) idiot who can't do even 5 minutes of research before writing.

Not surprising really coming from a person who makes his living convincing people to pay him to buy cheap houses for them.

 

[dbun]

Yeah, I've seen that article before and quickly dismissed it.
Even someone fresh to the game like me could see how rubbish it was.

 

[truong]

Just a few quick comments

- Is Coomera flood-prone? A few areas may be but not where the new developments are. A quick check of council’s flood maps will show you that. The last couple of floods in Qld were among the worst but Coomera escaped mainly scotch free.

- Is Coomera low socio-economic? Absolutely not. Incomes are high compared to Gold Coast. Visit the Genesis development next to Hope Island and you’ll see how upmarket it is.

- Are NRAS properties flooding the area? No. In fact there are very few NRAS house & land packages left for sale. Some are still advertised but when you call you find they’re not available.

- Vacancy rates in Coomera? Very low, around the 1.2-1.5% mark. It’s true though to say that the percentage of rentals is higher in Coomera than in other places.

- Are NRAS properties more expensive than non-NRAS? Some are but not by 50K as some have claimed. You need to compare apples with apples i.e new with new. Caution: as most new builds valuation can be a killer.

- And that article on Property Observer! As other posters have pointed out it’s rubbish. I think the author lost a lot of reputation on this one.

So is Coomera a good place to invest? Not bad IMO but there are better ones. A lot more infrastructure and development still to come and this, depending on how you view it, can be a pro or a con.

 

[cozmicmel]

Ill put my hand up and say I know little about NRAS properties just saw that article pop up on my facebook page so thought I would share. I live on the gold coast and know Coomera quite well so my recommmendation for not investing there are largely based on seeing all the new housing developments going in. The potential for many more to be built and the large number of rentals available.