Just thought I'd see if anyone had any comments on this property.
http://www.realestate.com.au/property-house-qld-parkwood-107892026
I know the GC is absolutely cold at the moment with poor capital growth and some people struggling to find tenants but this house is listed at 409,000 on a 618 sqm block. The latest average price for parkwood is $452,000. So if you could get it for say 390,000-399,000 than you might snatch it up a bit undervalued.
The things I like about this property is that it is within walking distance to griffith university and the 750 bed university hospital that is currently under construction which is expected to see thousands of people using/visiting each each.
The existing adjacent griffith university has grown considerably over the last 5 years and has started to get a better name for itself - so it will be interesting to see if this continues over the next 5-10 years.
The other positive is the new light rail which is expected to start services in 2014 (we will see if it does make this deadline) will have a stop at the university precinct which will connect to the rest of the gold coast through southport, surfers paradise and broadbeach, with future potential stages to helensvale connecting up with the train line and westfield (although fairly new, one of the smallest and worst westfields I have been to).
I see potential for this 4bed 2bath 2 car house to rent around $520-$600 to future students of the university hospital as well as the existing griffith university. And as it is a house there would be no body corporate (which is a bonus) however there will be other rates. If rented at $550 at a purchase price of 390k that is a yield of over 7% (not including other expenses). I am not entirely sure of the rents for the area but I would expect 4 students could manage this easily. Maybe I am being generous for the high rent - but i guess there are other options such as renting individual rooms/offering furnished/etc. But if you could get around 7% then it could easily be cashflow +ve.
One of the negatives I see for the immediate surrounding area is that it still has a bit of a scummy feel to it - but hey if the yield is good and the demand is there than who cares. Besides it might get a bit better once the hospital completes, who knows.
The other benefit is that if the 2018 Commonwealth Games to be announced next month was given to the Gold Coast that could kick things back into drive as governments will want the infrastructure/transport ready for the games and will probably receive extra state funding. I think it is between GC and Sri Lanka atm and I think that if the athletes had their choice they would definetly choose GC, but yeah it isn't up to them so we will all wait for the announcement in November!
Just thought I would post up a property for anyones thoughts or comments - I am in no position to buy anyways and am still a rookie in property investing but I still like to have a quick look at RE.com.au and try to spot things that have potential. But please let me know if you think this was a bad pick.
Cheers
http://www.realestate.com.au/property-house-qld-parkwood-107892026
I know the GC is absolutely cold at the moment with poor capital growth and some people struggling to find tenants but this house is listed at 409,000 on a 618 sqm block. The latest average price for parkwood is $452,000. So if you could get it for say 390,000-399,000 than you might snatch it up a bit undervalued.
The things I like about this property is that it is within walking distance to griffith university and the 750 bed university hospital that is currently under construction which is expected to see thousands of people using/visiting each each.
The existing adjacent griffith university has grown considerably over the last 5 years and has started to get a better name for itself - so it will be interesting to see if this continues over the next 5-10 years.
The other positive is the new light rail which is expected to start services in 2014 (we will see if it does make this deadline) will have a stop at the university precinct which will connect to the rest of the gold coast through southport, surfers paradise and broadbeach, with future potential stages to helensvale connecting up with the train line and westfield (although fairly new, one of the smallest and worst westfields I have been to).
I see potential for this 4bed 2bath 2 car house to rent around $520-$600 to future students of the university hospital as well as the existing griffith university. And as it is a house there would be no body corporate (which is a bonus) however there will be other rates. If rented at $550 at a purchase price of 390k that is a yield of over 7% (not including other expenses). I am not entirely sure of the rents for the area but I would expect 4 students could manage this easily. Maybe I am being generous for the high rent - but i guess there are other options such as renting individual rooms/offering furnished/etc. But if you could get around 7% then it could easily be cashflow +ve.
One of the negatives I see for the immediate surrounding area is that it still has a bit of a scummy feel to it - but hey if the yield is good and the demand is there than who cares. Besides it might get a bit better once the hospital completes, who knows.
The other benefit is that if the 2018 Commonwealth Games to be announced next month was given to the Gold Coast that could kick things back into drive as governments will want the infrastructure/transport ready for the games and will probably receive extra state funding. I think it is between GC and Sri Lanka atm and I think that if the athletes had their choice they would definetly choose GC, but yeah it isn't up to them so we will all wait for the announcement in November!
Just thought I would post up a property for anyones thoughts or comments - I am in no position to buy anyways and am still a rookie in property investing but I still like to have a quick look at RE.com.au and try to spot things that have potential. But please let me know if you think this was a bad pick.
Cheers
