Southport $430p/w rent for $350k

Hi all,

Thought i would share, considering i am now maxed and cannot buy anymore IPs :D

I bought 3 houses in the last 14 months in Southport on the Gold Coast for the following:

1. - $335k - 3bedx1bath - rents for $435 p/w - no improvements
2. - $360k - 3bedx1bath -rents for $450 p/w - put in a front fence ($3k) + aircon ($2k) to increased rent by $20.
3. - $349,500 - 3bedx1bath -rents for $430 p/w - no improvements.

All properties had more than 20 applications to rent above the asking price. all above 570sq blocks. all qualify for future subdivision approval (min for southport is 200sqm per lot). all brick and tile houses.

Close to Griffith University + New GC hospital + walking to NEW light rail + smack bang in the middle of development zone for coming 2018 Commonwealth Games.

There are still some GEMS on the market... ive just maxed my borrowing capacity :D

Just a suggestion. Great rental yield.
 
Last edited by a moderator:
What's the chance of developers moving killing the supply shortage? Is there much land available?

not sure about developers moving in.
There is minimal if any land available, mostly old ex-Gov housing area on the up. a lot of knock-down-rebuilds. I have seen a couple of developments across 2 or 3 blocks - again knock-down-rebuilds.

my only scare is that with the Comm games coming, perhaps growth in tower/unit residential dwellings may decrease demand for my houses. however, most of my tenants are either nurses at the hospital or students at Griffith... not sure that will diminish.
 
Last edited by a moderator:
Are you finding your properties as soon as they are listed ? Had a quick look on real estate.com and seems to be just duplex around the 350 k price point.
 
Are you finding your properties as soon as they are listed ? Had a quick look on real estate.com and seems to be just duplex around the 350 k price point.

2 of mine where listed at $400k and $410k... if you come in strong with short settlement you can get them down...

these houses are fishing for a $400k+ sale price but are walking distance from mine and 6 months ago would have listed for mid/high $300's.


http://www.realestate.com.au/property-house-qld-southport-115969451

http://www.realestate.com.au/property-house-qld-southport-115917695

http://www.realestate.com.au/property-house-qld-southport-115734271

http://www.realestate.com.au/property-house-qld-southport-115645787

http://www.realestate.com.au/property-house-qld-southport-115419491

http://www.realestate.com.au/property-house-qld-southport-115113447

http://www.realestate.com.au/property-house-qld-southport-112351507

Agents in the area and swarming and spreading the 'comm games' propaganda to push up prices... (good for me :D )

If your keen on the area, keep your eyes out and move fast on anything under $400s close to shops, uni or hospital.

................................................................................
 
Last edited by a moderator:
Hi all,

Thought i would share, considering i am now maxed and cannot buy anymore IPs :D

I bought 3 houses in the last 14 months in Southport on the Gold Coast for the following:

1. - $335k - 3bedx1bath - rents for $435 p/w - no improvements
2. - $360k - 3bedx1bath -rents for $450 p/w - put in a front fence ($3k) + aircon ($2k) to increased rent by $20.
3. - $349,500 - 3bedx1bath -rents for $430 p/w - no improvements.

All properties had more than 20 applications to rent above the asking price. all above 570sq blocks. all qualify for future subdivision approval (min for southport is 200sqm per lot). all brick and tile houses.

Close to Griffith University + New GC hospital + walking to NEW light rail + smack bang in the middle of development zone for coming 2018 Commonwealth Games.

There are still some GEMS on the market... ive just maxed my borrowing capacity :D

Just a suggestion. Great rental yield.

Hi future assist

By reading your post it seems like u had a average of 20 apps per property?

There r 70 properties for rent in sthport so there must be almost a 1000 people looking for accommodation in sthport?

Seem like a lot? Not having a dig just asking I live not far away so just have a general interest
 
So you talked them down $65k ? Love to know you secret. Looks like there isn't a property under $400k now, we must of missed the boat! The couple of properties that I found that where currently rented had under 5% yield. So you have done well!!
 
Yeah I think we must have all missed the boat I have been looking for PPOR in Southport around $450,000 and have not been able to find much at all. Not seen anything decent under $400,000 and most houses are under contract pretty quickly at the moment . Have not found that good rental yields either....
 
20 applicants is actually quite conservative. One of my co-workers is looking for a four bedroom house around Southport/Parkwood and at one time he had 20 couples, that's forty people in the same house at the same time. Now the real estate agent can't ask for higher rent then the asking price but you can bet in a situation like that he got a higher rental price which not only makes him look good but the landlord very happy.

Now I have a few single and double bedroom apartments around Southport and it is a totally different ball park, I'd be lucky to get a handful going through in a week. If I could afford houses in Southport I definitely would have bought them instead of apartments not only to attract a wider target of prospective tenants but also to avoid body corp and being able to on charge water etc. However at the time on a single income I took what I could get and I've managed to make it work quite well.
 
Yeah sorry all, I didn't at all want to sound like a d!ck by just posting about how well i did... I genuinely did not look on real estate . com before i posted this...

In November and december there where 3 houses for sale in my street and the next. I think they all got snapped up early.

There are still definitely bargains to be had in Southport with high rental return, as you can read above. I would also be looking at Molendinar... Heavy ex-gov housing area which is VERY close to new hospital and the ever expanding Griffith uni and light rail. Likewise, big blocks and brick and tile houses.

With my one where I got $60K off... it was going to auction and I dont think there was any offers (although 25+ ppl at both inspections). I was going to be in Bali at the time of the Auction so i made a rock solid offer, didnt move on it, and said "I dont feel comfortable phone bidding and will not be attenting the auction so take my offer or leave it and risk not selling at auction"
 
Last edited by a moderator:
Back
Top