First investment property- Gold coast

S

susaru15

Hello all
Just looking for people's thoughts about buying in the Gold coast. There's an opportunity to buy a new 4 Bedroom house and land package in Coomera.
With a lot of new development, a westfield shopping center being opened and high demand for rental it seems like a good place to invest. Being 40 mins drive to Brisbane is also I suppose a positive thing.
With a rental appraisal for $450-460/ week, it seems I will be just slightly negatively geared.
Being my first investment, I am a bit apprehensive. I live interstate and have never been to the gold coast.
Just wondering if anyone thinks this is a bad idea !! Thanks
 
Coomera is a bit of an enigma to me.

Like most Brisbanites, I suspect I simply drive past on the way to the Gold Coast.
 
Thanks Bran for your input. There is another home and land package offered in Redbank plains in Brisbane. Now, I don't know much about this area except that it is about 30kms from Brisbane CBD. Don't know if there is great demand for rentals in this area given that it is quite far from the city .There seems to be other suburbs in Brisbane much closer to the CBD that I would get a similar priced house for. (although not brand new)
 
There is plenty of land for development around the area. This could stall price growth.

Have you looked at existing stock? Or are you set on H and L package?

FYI - Vacancy rate on the GC is the lowest I have seen in years and this will ensure price and rental growth is fairly stable over the coming years!
 
susaru15 said:
Thanks Bran for your input. There is another home and land package offered in Redbank plains in Brisbane. Now, I don't know much about this area except that it is about 30kms from Brisbane CBD. Don't know if there is great demand for rentals in this area given that it is quite far from the city .There seems to be other suburbs in Brisbane much closer to the CBD that I would get a similar priced house for. (although not brand new)
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Go down the bolded path
 
pickle pickle said:
The holding costs in Queensland seem quite high for my liking.
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rates and insurance yes , property management a small amount extra maybe when all fees are added up

however don't forget on say a $450k investment purchase the stamp duty, registration etc is around $8k cheaper than Victoria so you are starting a fair way ahead, plus if you are above land tax threshold in Vic you are saving or reducing that cost as well by buying in QLD

you also need a smaller deposit so can get in earlier each time
 
You are better off spending your 420-450k on a 3BR older style unit on the Gold Coast close to the beach if you're looking for future capital growth. Look at Broadbeach, Mermaid Beach, Burleigh, Palm Beach. Too much land around Coomera, not an appealing area to live with low demand. Gold Coast is due for growth soon and now is a good time to buy but it needs to be close to the beach or have some other point of difference.
 
We purchased 2 units close to Robina Town Centre 18 months ago, and another 6 months ago....very happy with the gain in that time....rents keep going up and we still have the same tenants. All in all very happy with our purchases.

Check out Reedy Creek for house and land packages, but be quick they are being snapped up...Varsity Heights Estate....its a great area...my kids go to school there and its close to the M1 and Robina Town Centre, also 5 mins from Burleigh Beach....
 
jude74 said:
We purchased 2 units close to Robina Town Centre 18 months ago, and another 6 months ago....very happy with the gain in that time....rents keep going up and we still have the same tenants. All in all very happy with our purchases.

Check out Reedy Creek for house and land packages, but be quick they are being snapped up...Varsity Heights Estate....its a great area...my kids go to school there and its close to the M1 and Robina Town Centre, also 5 mins from Burleigh Beach....
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Hi Jude,

I also have a unit in Robina that I bought in early 2012. If you don't me asking what did you pay for it and how much growth have you seen. I paid $385k for mine it's a 3/2/2 with a little back yard with rear access.

cheers Northy.
 
nomadic said:
You are better off spending your 420-450k on a 3BR older style unit on the Gold Coast close to the beach if you're looking for future capital growth. Look at Broadbeach, Mermaid Beach, Burleigh, Palm Beach. Too much land around Coomera, not an appealing area to live with low demand. Gold Coast is due for growth soon and now is a good time to buy but it needs to be close to the beach or have some other point of difference.
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Totally agree with this...stay away from coomera to much land to be developed in the area only place on coast at moment still experisncing negative growth.
 
tomlemke said:
Is omeru same story?
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Yeah same problem ...as I mentioned in another post they have confirmed they are going ahead with the second stage of the light rail from southport to Helensvale. Id be looking at suburbs it will go through Southport and Helensvale could also be better options if you cant afford the beach strip.
 
It seems the consensus is to either buy closer to the beach in Gold coast or buy in Brisbane. I am not bent on buying a house and land package or brand new. Being a first time investor, I guess its just easier than having to fly down to Brisbane to look at properties first hand.
 
susaru15 said:
It seems the consensus is to either buy closer to the beach in Gold coast or buy in Brisbane. I am not bent on buying a house and land package or brand new. Being a first time investor, I guess its just easier than having to fly down to Brisbane to look at properties first hand.
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Not being familiar with the area for less than $200 for a return airfare plus 1days car hire I would suggest it would be money well spent rather than only looking at the new build option. It may be okay but some D/D might be a good idea
 
susaru15 said:
It seems the consensus is to either buy closer to the beach in Gold coast or buy in Brisbane. I am not bent on buying a house and land package or brand new. Being a first time investor, I guess its just easier than having to fly down to Brisbane to look at properties first hand.
Click to expand...

As Hugh said it is a small investment. Don't take a path because it is easy. Take a path that is likely to be profitable. New out at Redback cant be profitable given you can buy replacement stock (similar project homes around 7 yrs old) for SO much less than new. Similar quality and tax.
 
Hi Northy

We paid 227,500 and 235K for 3/2/2 at Reedy Creek and then 12 months later paid 260k for 3/2/2 Villa style unit, also in Reedy Creek...all are renting for around $380 week....hope this helps...
 
re: good area to buy

How about with Budget of only $350K? Where is a good area to buy?
Is Wnyum West or Redcliffe a good area to buy with this budget?
thanks


nomadic said:
You are better off spending your 420-450k on a 3BR older style unit on the Gold Coast close to the beach if you're looking for future capital growth. Look at Broadbeach, Mermaid Beach, Burleigh, Palm Beach. Too much land around Coomera, not an appealing area to live with low demand. Gold Coast is due for growth soon and now is a good time to buy but it needs to be close to the beach or have some other point of difference.
Click to expand...
 
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