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Any stories of Holiday Homes that have turned out well as an investment?

Discussion in 'General Property Chat' started by chindonly, 13th Jul, 2015.

  1. chindonly

    chindonly Well-Known Member

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    Seeking some real life stories of people who have purchased holiday homes / units in mainstream tourism areas and have done well with some CG growth, not too much expense for holding costs and have some private use for lifestyle as well.

    Most of the stories I have seen have not worked out well - but there must be some good ones out there somewhere!
     
  2. Fargo

    Fargo Well-Known Member

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    23rd Jun, 2015
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    Location:
    Vic
    Bought a house at Clarke Philippines after 10,000 USA air force workers departed after Mt Pinatubo eruption for $5000 in 1992, 10 years later it was worth 250k, don't know what it is worth now the land was worth 300 peso/sqm when purchased probably worth about P20,000/sqm now, it was thought prices were ridiculous when they got to P1000/sqm
     
  3. chindonly

    chindonly Well-Known Member

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    Thanks Fargo. Bit of an unusual situation with the eruption.

    Was hoping for some Australian examples - Gold Coast, Sunshine Coast etc.
     
  4. chindonly

    chindonly Well-Known Member

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    So - noone here has holiday homes, or they just haven't been good investments for anyone???
     
  5. Natedog

    Natedog Well-Known Member

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    Location:
    Melbourne
    I bought a house on the Mornington peninsula to be used as a future holiday home, but it's a full time rental currently. I paid $435k for it in 2012 when no one was buying anything. It's council rates val was $595k!
    I used the rates notice to refinance with a lender who accepted the rates notice as the val literally 4 months later.
    This alowed us to pull all the deposit we put into it out and went and bought another IP.
    It was the best instant equity release we have done!
    So not technically a holiday home story....but it's in a holiday area.
     
    Phil_22, WattleIdo, chindonly and 2 others like this.
  6. Azazel

    Azazel Well-Known Member

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    We were looking at a holiday rental in Sanctuary Point near Jervis Bay. As a holiday rental it only would have gotten about $7,000 more rent per year than as a normal rental. Decided the hassle with cleaning/maintenance wouldn't be worth it.
    That was a 2 story dual occupancy too, would have been good to be able to rent out both or only 1 when you want to stay there. But double the things to go wrong, maintenance etc...