so - basically - property that is aimed at the owner occupier sea changers, in good location (near beach or canals or eat street), are still selling well?
Thats correct.
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so - basically - property that is aimed at the owner occupier sea changers, in good location (near beach or canals or eat street), are still selling well?
I bought an investment property in Upper Coomera, Gold Coast, four years ago as a new build. They are currently selling at about $30,000 below the current new build/replacement price. So much for property going up 10% a year.
Hi guys,
This equates to a 10% drop.
I dare say it has not much to do with tourism or the Gold Coast cliche at all, but rather a sign of the economic climate.
Regards Jo
I bought an investment property in Upper Coomera, Gold Coast, four years ago as a new build. They are currently selling at about $30,000 below the current new build/replacement price. So much for property going up 10% a year.
Thats correct.
so - basically - property that is aimed at the owner occupier sea changers, in good location (near beach or canals or eat street), are still selling well?
Hi NedKelly, have you had much capital gain over the 4 year period?
I dare say it has not much to do with tourism or the Gold Coast cliche at all, but rather a sign of the economic climate.
I bought an investment property in Upper Coomera, Gold Coast, four years ago as a new build. They are currently selling at about $30,000 below the current new build/replacement price. So much for property going up 10% a year.
I tend to disagree. I live on waterfront and monitor the other waterfront properties in Palm Beach, Mermaid beach etc... and unless the owners "NEED" to sell they are staying on the market for 6 months +.
My first 2c
The saying that property grows 10%pa is really an average over the 7 -10 year period. Some years you get 30% growth, some years 10%. It's a long term average.
I had a good look at Coomera around the same time as you and what worried me at the time was the sheer volume of green-field development coupled with the high availability of new land. Much of the promise for the area was based on the coming Coomera Town Centre which is yet to be realised (correct me if I'm wrong) and it didn't have a position advantage over the rest of the GC other than accessibility to Brisbane.
Having said that, I think once the area matures and the master plan eventuates it will be a different story, it might just take a bit longer than originally expected. You've also got the marine prescient growing nicely next door so hopefully this will bode well for values in the future.
Ned
Did you buy a house and land package - ie was the house brand new when you bought it?
It's difficult to call them bargains and say they have a crappy yield in the same sentence. I wouldn't say they are bargains until the yields are good.Bargains around but still crappy yield so no urgency. Hence the still deflated prices.
It's difficult to call them bargains and say they have a crappy yield in the same sentence. I wouldn't say they are bargains until the yields are good.
Hey Mart,
is this also indicative of the water properties (non-ocean) on canal front like Broadbeach Waters and Mermaid Waters?
Can you elaborate please? As you are a local, your opinion is appreciated
Just got back from looking at a 4 bedder in Pacific pines.
Bought this year in Feb for 485,000, now being sold and will be lucky to get 440,000 I recon.
That area has dropped, the agents ae talking it up (doing there job well) but it don't look like it just yet. More adds apearing each week for urgent sale etc.