Gold Coast
- Thread starter adamma
- Start date
RUN!!!!!!!!!!!!!
and don't ever look back.
and don't ever look back.
Agents are talking it up .... but there is nothing new about that. But I am on the net every day, and inspecting properties every week, and there is certainly a lot more interest around. Last year I was bearish, this year I am on the fence and leaning towards bullish on the Gold Coast market.
The agents I speak with all say things are picking up so far as volumes go, they have had the best start to the year they have had for the past 4 years, I dont think anyone could dispute that is pretty well spot on. Volumes are one thing, sale prices are another. Well located, well priced property are under contract in most suburbs with a realestate.com search.
The sales that are happening are very well presented property, or property with easy to see potential, and that is well priced. There are still plenty of houses still on the market that have been there for a while, they are ugly, over priced and with little potential and no doubt will either sit there for months or be withdrawn from sale. I have shown interest in quite a few places recently listed only to find out they go under contract very quickly.
No rush but, take your time, stick to what you want, dont compromise, and negotiate hard because for every house that sells at the moment there are still another 3 being listed that are just as good. It is still very much a buyers market. Speaking to a few property managers today too - all reported that vacancy rates are quite low, but just like selling, if you want too much, the punters just move onto the next one.
The agents I speak with all say things are picking up so far as volumes go, they have had the best start to the year they have had for the past 4 years, I dont think anyone could dispute that is pretty well spot on. Volumes are one thing, sale prices are another. Well located, well priced property are under contract in most suburbs with a realestate.com search.
The sales that are happening are very well presented property, or property with easy to see potential, and that is well priced. There are still plenty of houses still on the market that have been there for a while, they are ugly, over priced and with little potential and no doubt will either sit there for months or be withdrawn from sale. I have shown interest in quite a few places recently listed only to find out they go under contract very quickly.
No rush but, take your time, stick to what you want, dont compromise, and negotiate hard because for every house that sells at the moment there are still another 3 being listed that are just as good. It is still very much a buyers market. Speaking to a few property managers today too - all reported that vacancy rates are quite low, but just like selling, if you want too much, the punters just move onto the next one.
DO NOT buy townhouse in Varsity Lakes oversupply. Miami/burleigh walking distance to beach there might be some potential. I lived in Miami and things always seemed to sell there but $650,000 is quite a bit I would be looking for the $500,000 and under that you can subdivide the land or renovate the property for growth. Better rental demand there to but I dont see the gold coast in general as a good investment .
With 650k to boot, i woudnt be looking in the GC. Istead, look for something in brisbane- 650K will get you plenty in brisbane- you will have lots of choice.
This in part comes down to GC vs brisbane debate.
Unless you have a compelling reason to do so, id invest in brisbane because , compared to GC, brisbane has many more jobs, its more diversified, there is more money in brisbane, and overall, price wise, its better value for money than GC. GC is mostly tourism, with little other industries. As such it is high risk, and for something with high risk, the prices should be lower than they are in the GC in order to offset the risk.
Agreed...the place is a crime ridden dump..
Hey JDP1, thanks for your reply, that's the general consensus I'm getting.
The reason why I want to buy is because I got moved to the GC for work two years ago and have been renting since, paying around $450 per week... Honestly just over paying rent and was thinking on the lines of why pay all this rent when I could look at something to own... Plus I want to be somewhere close to where I work. The furthers I'd go is burleigh...
Thoughts?
Or am I better just to continue renting for a few more years before I move back to melb?
Thanks.
The reason why I want to buy is because I got moved to the GC for work two years ago and have been renting since, paying around $450 per week... Honestly just over paying rent and was thinking on the lines of why pay all this rent when I could look at something to own... Plus I want to be somewhere close to where I work. The furthers I'd go is burleigh...
Thoughts?
Or am I better just to continue renting for a few more years before I move back to melb?
Thanks.
If you are going to buy on the GC, then look for auctions, because from what I am seeing on researching sale prices, is that auction sales are still delivering bargains in the sub 600k market. Of those going to auction in that market, most are distressed, or close to distressed and need a quick out. Consistently, these properties seem to sell 15% plus under asking prices of similar stock. Try and put in a 15% discounted offer on a listed property, and the agent won't even fill out a contract.
Contrary to what many here will tell you, there are very few buyers on the GC with 500k plus in their pockets that can sign an unconditional contract, for every bidder at an auction, there are about 5 conditional purchasers sweating on it being passed in. Been to a few now, usually 3 bidders, and 15 more waiting for conditional contracts. That 500k plus market is good here, the investors look for the lower stock with better returns, so you are really only competing against buyers looking to upgrade, and most of them need to sell theirs to complete the contract.
Best of luck, but don't be scared off by all the hype, crime is no worse here than anywhere else, it just gets more media play. Look up the QPS website for published crime stats, we are doing quite well down here compared to other parts of the state. The GC is still an awesome place to live and raise a family.
Contrary to what many here will tell you, there are very few buyers on the GC with 500k plus in their pockets that can sign an unconditional contract, for every bidder at an auction, there are about 5 conditional purchasers sweating on it being passed in. Been to a few now, usually 3 bidders, and 15 more waiting for conditional contracts. That 500k plus market is good here, the investors look for the lower stock with better returns, so you are really only competing against buyers looking to upgrade, and most of them need to sell theirs to complete the contract.
Best of luck, but don't be scared off by all the hype, crime is no worse here than anywhere else, it just gets more media play. Look up the QPS website for published crime stats, we are doing quite well down here compared to other parts of the state. The GC is still an awesome place to live and raise a family.
Well if you are going back to melbourne in a few years, then id probably rent in GC till then. Why not buy something in melb? Rent it out till your employment in GC runs out, then return to mel as an owner occupier.
Ok a few reasons why I'm thinking of buying a place to live in up here, while I'm here...
1. Don't see the point renting... Could be putting that money into a property of my own...
2. I have a bit of cash saved up and it's earning bugger all interest...
3. When I move back to Melb, not sure when, I want to rent the property out up here...
4. Hoping the property will go up in value, I'm not a person to do the renovation thing at the moment as I own a business and that's where I spend all my time.. Property is merely an investment tool for my money I make from my business...
4. I can spend around $550k here and when I get move back to Melb I will buy my PPOR...
5. Ohh and I want a dog, something I can't have in our apartment we are renting...
Thoughts? Are my motivations clouded?
Love the feedback guys n gals its been great!
Adam
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