Would anyone up in the Gold Coast area, particularly Southport, Labrador and north suburbs, care to hazard a guess as to when the market should start to come up up there. Considering it is going gangbusters everwhere else in Oz, surely it should start to come up again soon?
I live up on the coast and have done for 25 years. The market is ok atm but alot of houses are overpriced and asking ridiculous amounts. Good areas are tightly held. We have been looking at southport for ages and I think its a great investment but like i said, the good areas are not selling. With more population growth other areas are doing well such as pac pines, coomera and other northern ends because of closeness to highway and access to brisbane. I think overall the market will stay stagnant in the CBD here for awhile because people cant afford the prices and are not getting the yields.
I’ve got quite a number of properties in Southport so speaking from experience, here’s what I’m seeing; values appear to have been pretty static the last 12 months with many buyers holding out for unachievable prices. A lot of newer stock has changed hands under previous sale values (the Shores developments and Southport Central in particular) but the older stock appears to be pretty steady or has had modest gains. Last year we copped it a bit on rent having to drop a few prices but it seems to be turning around this year.
Crystal ball wise, the GC seems to run two or three years behind other markets. We started buying in Southport in early 2003 when Sydney had fairly peaked and got some excellent gains very quickly. I think we’ll come back around to the upswing other areas are having later this year or early next if the cycle offset pattern continues. A little later, infrastructure like the new hospital and light rail will come into being which should only be positive.
As TGIF observed, the GC covers a fairly a broad area and there are places which haven’t performed as well in recent years. Coomera has a lot of longer term potential but in the interim there’s still plenty of room for it to grow and infrastructure promises are taking a long time to deliver on.
I’m still pretty bullish about Southport and to a lesser extent, Labrador. Lots of employment in professional services, serious investment in infrastructure and great geographic location. For my money, I’d be (I am!) looking at older style houses and three storey walk-up units that are benefitting from the infrastructure investments (including facilities in the new developments) and staying right away from the brand new stuff. Worked well so far
Can anyone tell me if there is a 'better' part of Labrador to target for an IP, or conversely a 'bad' area of Labrador to avoid? Looking at units, is a 2 bedder preferable? I have been looking into older style units with add value potential. Any other comments specific to the Labrador market would be great. Thanks.