The market has been soft there for a while. It is also a strong mortgage belt area. There will be pain felt there with the ensuing rate rises yet to come.
Happened last time rates rose. Will it get cheaper? Who knows.....
If the yield stacks up on that purchase price, then it's a long term proposition.
I wouldn't use one cheap-ish Helensvale property to extrapolate to the entire region's market and consider the entire GC will plummet. As mentioned earlier, it's already soft there and hasn't had a run anything like Melbourne or Sydney to date.
I think that is in an area just north of the main Helensvale area. Check out whether or not it isn't one of those high density areas next to the highway where the roads are very narrow, rather than the well established residential area, and then decide if it seems like a good buy.