Investment in Ormeau, Gold Coast

[YPG]

What are peoples opinions in investing in Ormeau, Gold Coast?

The advantages I see are that it is looking like it will be developing a fair bit in the next 5-15 years as it is a Gateway between Brisbane and the Gold Coast.

Ormeau Train station lines to brisbane/gold coast. Lots of schools around.

30-45 min to Brisbane - 20-30 min to gold coasts beaches?

Thoughts?

Some pretty good House and Land packages (starting around 375k) at Ormeau Ridge - a masterplanned community by Stockland that was just released with a fairly big vision for the overall area

Cheers,
YPG

 

[gottabespotless]

If it's for your PPOR - especially if it's your first PPOR, then I'd say buy now. I havn't seen the GC looking this sick for a LONG time. However, if it's for an IP, then check out the available rentals for all of the new estates around the northern GC area on the likes of realestate.com.au (if you have the time to sift through all the pages). I don't see CG being achieved there for some time. There's just too much supply at the moment in my opinion.

 

[Investor78]

I know Ormeau, it's a very nice area, formely rural but developing into suburbs.

If I worked in Brisbane CBD, I would not want to live in Ormeau. I would rather live closer to Brisbane and then have a longer commute to the gold coast if I want to go to the beach on the weekend.

You can definately find cheap property on the GC at the moment, but "cheap" is not a reason to buy property.

I heard a property commentator say on TV the other night that with the current amount of stock on the market, it will take 2.5 years to sell. That's with no more stock coming on the market! And of course, more stock will come onto the market.

I personally would look at some Logan areas, where the M1 is being widened (Loganlea, Daisy Hill, Shailer Park etc) or further North around Rochedale South, Springwood, Underwood where the south east busway is being extended. It's going to be at least 3-5 years before the busway would be ready in these areas, but it's going to make them much more accessible to the CBD.

You can buy houses under $400k in these areas. There is also land opening up in Rochedale, but it will probably be more expesnive than Oremeau.

 

[YPG]

Thanks for your replies guys,

Yeah I think your both right that the biggest negative factor is the oversupply for the area and gold coast in general.

The other issue that I see with big masterplanned communities from the big companies is that they are usually set with 10 stages or so.

So even if you kept your property for 5 years a potential buyer is probably going to be able to get a brand new house and land package in the latest release for a similar price or will be willing to fork out that extra 20k if it means they get a brand new house.

Just came across it the other day and sparked some interest. So thanks for the replies. Will also have a look at some of the suggested Logan areas.

Cheers,
YPG