High rise on the Gold Coast

[Ryan80]

I'm thinking of investing in a unit on the Gold Coast with Surfers Paradise and Southport on the shortlist at the moment. What are peoples views on high rise buildings? Is it harder to finance and sell etc?

 

[Rolf Latham]

finance can be an issue, but doesnt necc need to be so.

While many lenders wont go above 70to 80 % lvr, a few will go to normal 90/95 Lvrs for a decent unit

ta
rolf

 

[NedKelly]

I settled on a unit in Main Beach last month. The day after settlement, a Thursday, the agent came to view and listed it, on Saturday he had tenants move in. I barely had time to get it cleaned and get it ready to let. The vacancy rate is very low at the moment.

 

[Sequin]

Very carefully assess rates, body corporate fees and property management fees. These can significantly reduce yield.
Be careful about the mix of owner occupiers and tenants.
Be very careful about whether the building is used for holiday lettings and Schoolies.
Quality/age of the building, sinking fund, concrete cancer?

Apart from these issues, it is probably a good time in the cycle

 

[pash81]

I settled on a unit in Main Beach last month. The day after settlement, a Thursday, the agent came to view and listed it, on Saturday he had tenants move in. I barely had time to get it cleaned and get it ready to let. The vacancy rate is very low at the moment.

Do u mind sharing the details of the building you bought into?