Must b lots of people investing on Gold Coast, as it is still growing , every time I visit (only 30 minutes from home) it has changed and grown. But as posted above , beware, a lot of the properties seem to be well over valued....
Raz...your new signature is responsible for me losing my dunked biscuit in my coffee!
Gold Coast has the same use as somewhere like Cairns, lots of big co's writing of some big dollars, they need to make a loss, unfortunately, small investors NOT wanting to make a loss, get caught up and burned in the kafuffle known as surfers paradise.
However, having said that, Im sure there really are some good pockets to invest in, same as every suburb or town, there is always a good street or two, in the strangest places.
I would hesitate to invest anywhere where most of the market is foreign buyers. Under our current laws foreign investors are able to buy a % of new dwellings however they cannot buy established housing.
This also means that much of the market is either uninformed of local prices or doesn't really care given their dollar against ours.
But when it comes to selling where is your market? You cannot sell back into this foreign market as now your dwelling is established.
Also I sometimes wonder about the size of the population versus the number of dwellings. How do I know how many of these developments actually are occupied? So I also wonder about the rental market.
Just my thoughts and from some-one who knows little about the Gold Coast.
In the latest Australian Property Investor Mag it has some Gold Coast Property Hotspots.
I havent read the Mag yet as i dont get of this Oil rig till tuesday ( WHORAY!!)it lists the details on there web site www.apimagazine.com.au
But i will be reading it on the plane trip home back to the gold coast from Darwin.
I have spent the last two years in Thailand and I can tell you that
apartments are heavily marketed here by the likes of Central Equity. Until
last month (when Kerry Stokes pulled the plug) Australia TV would have an ad
for Central Equity in just about every ad break. They also hold marketing
seminars in the capital cities targeting both expats, who are paid in US
dollars on the basis they can buy central city apartments dirt cheap, and
foreigners. They even started info type segments where their paid presenter
would interview one of the salesmen or managers. Funny they never asked
about the negatives! Dressing the interviews up as news items to give them
credibility would suck in those with limited English skills.
A number of foreigners buy the apartments for their children/relatives to
live in while they study at university. I know parents whose kids have spent
up to ten years overseas obtaining a bachelor and then masters degree. Their
view is long term and they will get their money back eventually even if they
pay too much initially.
We are about to purchase a unit on the Gold Coast. It will be our first IP away from where we are based. Was there last week and rental vacancy seemed reasonably low in certain areas. We have been visiting regularly and studying the market there for a couple of years. We decided on beachfront and we are not buying new. I have heard lots of reasons not to buy on the Gold Coast - but I think it is a fabulous place - brilliant climate - amazing beaches and a steadily growing population. Move over foreign investors - I'm coming in!