Gold Coast right now

[Highlygeared]

Does anyone have any insight on what's going on with the rental market at present...and prospects in short term? Seems like there are a lot of props for rent and hanging around fro an inordinate amount of time.

I've just put a property (house) in Labrador under offer but still have time to get out. Was a good enough price but will there be any real drivers for growth in terms of CG and rent returns? That's what I'm most concerned about - the ability to rent out the prop for a decent amount and within say, 3 weeks.

Personally and I know its been bandied around in the media and by agents, I don't think the Commonwealth Games will have any lasting effect on the GC's appeal. Drivers have to come from infrastructure investment, more businesses relocating, population growth, jobs. As much as I want to believe that will happen, I'm not so sure. Anyway, would be good if some of you can tip me over the edge either way.

Thanks!

 

[topcropper]

The lower Aussie dollar will be good for the coasts main driver, tourism.

Has a double wammie effect. Makes it cheaper for overseas tourists, and dearer for aussies to go overseas.


See ya's.

 

[citystar]

Mixed reactions on the coast from my point of view. One apartment in Southport took two months to rent even after dropping the rent below market price. On the other hand the demand for another apartment on the opposite side of Southport had potential tenants out bidding each other to live there which meant in increase in the amount it was previously rented for by $15 per week. Nothing special about either apartments. Other apartments have long term tenants that have accepted slight increases in their rent every six to twelve months to keep it in line with the market rate. Short term rental prospects for Southport: you are competing against the newly finished Metro 88 building on Scarborough St and the established H20 Broadwater high rises that are prepared to negotiate on price for new tenants. When my apartments become vacant my plan is to lower the rent below comparable properties to secure a good tenant quickly and then to nudge the rent back up to market level when possible rather than having it sit empty for a month or more.

When it comes to sales the market has slumped however the local real estate sales consultants will tell you it is booming. Good time to buy if you plan to hold medium/long term.

I am more than happy for the Commonwealth Games to be held on the coast as this means the Southport Aquatic Centre will, and is currently undergoing a major renovation. However I'm not a huge fan of the proposed Athletes Village being constructed as it will simply flood the market with cheap units once the games are over.

A few things about Southport in regards to infrastructure: the Gold Coast Light Rail project is finally making major progress, just avoid Scarborough St at Southport which looks like a bomb site at the moment. The new Gold Coast Hospital should be operational soon pending the testing and assessment phase ticks all the right boxes. There are articles popping up now and then on local news websites about a proposed China Town for Southport. I don't care too much either way about this however it seems the majority of the shops that are actually doing well in Southport at the moment are the Asian vendors. The council has spent more than enough money on planning, consultation etc on this project to be a waste if they scrapped the idea regardless of how effective it is in attracting international tourists to the coast. Then you have the Cruise Ship Terminal/Hotel/Casino/Restaurant/Accommodation mega deal that the city council wants... or is trying to secure to be constructed on Wavebreak Island. There is a lot of pressure from environmentalists and locals that do not support this project. I honestly have no idea if it will ever see the light of day, I will believe it when I see cranes and bulldozers on Wavebreak Island. This would be a major boost to the local economy and tourism, that is if cruise ships can actually fit in the Southport Spit? Time will tell.