QLD Are new Gold Coast apartments worth it.

My wife wants us to move into a new Gold Coast apartment. But at around $2.5m for a 3 bedroom apartment plus $10,000 in body corporate fees I don't think it's really worth it. And if we want to sell after a few years I can't see myself getting anywhere near the price I paid for it.

Any views from members would be appreciated.

 

Do. Not. Do. It


Do a search for highrise on here and educate yourself.

 

Have a feeling the apartment might not be the worst investment in your life

 

Case closed!

 

Why new? buy a big old apartment and renovate. Also 10K body corporate is way too much. You can do much better

 

A new wife costs less

 

A disastrous proposition.

 

Rent if you want to live in a nice gc unit and invest elsewhere.

every couple of years, move to a newer building because those highrises and facilities age quickly.

 

Good idea, but rent!

 

Go for a house instead. Will be plenty of houses in your price range. Also i assume she wants an apartment because of low maintenance - there'd be low maintenance houses available too.

 

Just set half of that money on fire now and save yourself a few years.

 

Ignore all the opinions posted above . Listen to someone who know what they are talking about .

Gold Coast property goes from boom to bust to boom.

As with all property, the trick is to buy in a bust and sell in a boom (if that is one’s plan), but more so on the GC.

I wouldn’t buy now (GC is booming) and I wouldn’t buy new.

I know someone who bought an 8-year-old GC apartment in 2016 for $600,000 less than the off-the-plan price (in a bust) and could sell it now for $1.5M more than their purchase prices few years later.

Knowledge is power; emotions will destroy net worth.

 

$2.5mill?!?!?!?!!??

Does that apartment give you a reach around?

 

OP, all the advice above has merit, except 2 posts. My one re: cost of wives, and the arrogant one I have 'replied' to.

Oh, and one thing that hasn't been mentioned is GC has changed dramatically and is a city with diversity not just high rise and the white shoe brigade.

I have had to dramatically re rate my GC investment not just on $$ but on location ( NOT beach ) and amenity.

I no longer subscribe to historical analysis of the white shoe brigade ( boom bust, make Ur squillions and fork off back to wherever ), I think a good house is a good buy in the country's best regional location.

Just buy carefully, or rent!

 

The old line “It’s gunna be different this time”.

Now, how may time have I heard that over the last 40 years?

 

Well I am old in the tooth too.

GC feels very much like Perth from 70s, and I think it ain't the town it was even from 90s. Some of that is growth, some circumstances.....

I know ppl have been burnt. So understand the 'here we go again' ..... isn't that a bit emo for you?

 

Nah, I like busts. As a B+H investors, they provide us another buying opportunity.

And no emo re: booms - just a paper capital gain

 

I’d be looking at the Sunshine Coast before the Goldcoast
Allot more Mature population who have sold there homes and often paying cash
It’s not a matter of if but a matter of when we hit a recession, I can’t see the prices sticking when it happens.

The square meterage of newer apartments seems to be getting smaller, I think the pick of the crop would be a well built 3 bedder with a wrap around balcony built around 10-15 years ago.

 

2.5m is way too much to pay for strata. 10k strata you will turn off many future buyers. also note, brand new strata are often set low and after about 2yr strata usually goes up 50-80pct. rule of thumb assume doubles, if this is medium-large density place.

always avoid lifts. just dont. have you done due deligence on body corp expenditure? if not read disclosure statement and feel how big lift costs are. it kills... matter of fact i had my prop empty for 7wk cuz right after tenants left lift broke due to storm and still not fixed.

2.5mm will get you MANY awesome places on gold coast, with land

 

I wouldn't buy ANY type of property if you think there is a possibility you will sell it in a few years. Selling costs and stamp duty would eat up any of your profits. And there's a high chance you may have to sell for less than you bought it. Buying off the plan and/or apartments magnifies the risk that you will be in negative equity when you sell.

Property is a long term investment, especially when it's leveraged (losses are magnified by leverage). Your time horizon for investing in property should be 5-7 years minimum, ideally 10+ years.

If you want to live in a brand new apartment for a few years, it's simple: just rent one.