QLD Buying first IP on Gold Coast

Discussion in 'Where to Buy' started by 6mj, 2nd Mar, 2018.

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  1. 6mj

    6mj Member

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    Hello

    I am looking to purchase my first IP on the Gold Coast. I have a budget of $500 - $550k.

    Can anybody recommend areas they suggest I look at? I like Elanora due to the close proximity to Palm Beach but it seems like I may struggle with my budget.

    Thanks :)
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Do you need a house or a small townhouse ok ?

    ta
    rolf
     
  3. dave80

    dave80 Well-Known Member

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  4. 6mj

    6mj Member

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    Hi Rolf

    I am open to either a house, townhouse or duplex.

    Thanks
     
  5. 6mj

    6mj Member

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  6. Rozz

    Rozz Well-Known Member

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    Yes I'd agree with that. Detached houses and duplexes with no strata have done better than townhouses, which have done better than appartments overall. However some apartments close to beach are going okay.

    From my recent experience and observations it's difficult to say if it's reached a peak or not, but appears it may have. Overall the detached house market has stalled. There hasn't been much growth since early 2017. Buying now you may need to be in it for quite a few years for any reasonable price growth.
     
  7. 6mj

    6mj Member

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    Thanks Rozz.

    I noticed the auction clearance rate has been quite low and houses I have been watching have been listed for quite a while. Would I ne correct in saying that the market is slowing down? Is now perhaps not a good time to buy or will the current market give us more room for negotiation?
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Auctions on the GC are somewhate rare.......... and arent a useful indicator of the market

    ta
    rolf
     
  9. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Queenslanders can't seem to get the hang of auctions!

    _____________________________________________________________________

    There's so many decent areas on the Gold Coast that are pretty similar, it's really hard to choose a spot. If you have the time, cast a WIDE net and look at each property individually based on its merits.
     
  10. 6mj

    6mj Member

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    Is anybody able to share their opinions on investing in Labrador?
     
  11. Yann

    Yann Well-Known Member

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    It depends what your plans are in terms of tenancy market you target (i.e. vacation rentals or residents, household size, etc) and long term strategy for the property (yield, CG, bit of both?).

    There has been announcements about Southport becoming the Gold Coast CBD, with business incentives, infrastructure etc. This means most likely more people coming to work in Southport going forward, and they will all need a place to live. I guess not a bad choice in the suburbs immediately around it. Keep in mind wage level of the GC for working residents, much lower than capital cities which will influence asking rent.

    Areas close to the beach further south between Broadbeach and Currumbin could work well for people seeking a sea change, but definitively a different price point than your budget.

    This budget can get you a house in Coomera, but just go for a drive around the massive estates they are building, this smells like oversupply. I would stay away from this area.
     
  12. 6mj

    6mj Member

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    Thanks for the reply.

    I have seen a few 2/3 bedroom duplexes for sale in Labrador that have been well below our budget.

    Am I right to say Labrador has its fair share of crime? Do you know if there are certain parts of Labrador to avoid?
     
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  13. Lindsay_W

    Lindsay_W Well-Known Member

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    Hi there,
    If looking at Labrador I would be looking to buy on the eastern side of the Gold Coast Highway, as close as possible to the broadwater, I bought just north of there, Biggera Waters, one street back from the broadwater and was looking in Labrador. The further back from the broadwater you go the more run down/dodgy it seems to be. In saying that I don't see Labrador as a crime 'hot spot' at least no more than Palm Beach would be
     
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  14. The Gambler

    The Gambler Well-Known Member

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    Any update from the OP re buying on the Goldie? You should post places you're interested in here for us to take a look at. I'm always checking the Northern area of the beach suburbs through interest.

    Southport is slowly getting better (though Norman and Railway street are still super dodgy), so I guess Labrador is next. Although it could take 10-20 years. But you have to be really, really careful if you want to buy an apartment In Labrador. It all depends on the street and the place. There are plenty of places that I just do see moving all that much due to numbers and demo.
     
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