QLD Gold Coast 2022

Unit or townhouse?

 

Probably not, there's quite a few new apartment buildings approved recently so there will be a lot more supply coming to the market.
There's plenty of land still sitting there waiting for even more apartments to be built.

 

Hi @Tealey1 , I'm glad I can be of some inspiration to you. You don't seem to be doing too bad yourself. I am guessing your still fairly young by your pic if that's you.

I will try and keep it short and sweet, cause if you have read some of my posts you will notice they can go on. I don't want to turn this thread into being about me, plus I wont go into specific details as not to possibly give my identity away to anyone reading this who might personally know me.

I have been involved in business and running a number of businesses overt the past 10-12 years. That's where I made my money. A few years back I did some small scale townhouse / duplex developments and while not an expert in property the market was very kind and that compounded the effort of the business income. Since then I have moved towards investing in equities / property trusts and mortgage syndicates to continue building wealth in a passive sort of manner.

I wont sit here and give you some BS about working hard and thinking positive and you will achieve anything you put your mind too. Yes I did work hard. I was never very academic. Didn't even complete high school. But I had no problem with working hard. While most of my friends were still finishing high school I was already working a fulltime Job and a second part time job.

Hard work gives you opportunities. But all the hard work in the world means nothing without lady luck playing her hand. I was fortunate enough that many years of hard work and the stars aligning at the right time gave me an opportunity. When that opportunity came, I grabbed it with both hands.

You seem to be doing ok. Buying a $1.05m home is nothing to sneeze at. My first PPOR was out in the sticks and under $500k back in 2005.

A good paying job will ensure you are in a good place. A business gives you the opportunity to go next level financially. Not easy to pull of a solid earning business though. Lots of work plus the elusive lady luck needs to make an appearance.

 

Unit with the no unique qualities, no views out to anything. Location however is pretty good, close to train station, shopping centre, employment hubs, university, easy access to highway. Just too much stock, too many comparable with the opportunity for more stock to come on in the future. Might be a sell and bite the bullet on CGT and park my money elsewhere.

 

Thanks. Always get confused with units, in Victoria people refer to “units” as anything that’s not freehold, like apartments, villas, townhouses lol

 

Thanks for the reply Big A! - Appreciate you laying it out raw

I'll be 27 next month so still relatively young (felt like I left high school yesterday!) haha and on a pretty decent salary. It sounds about right though, a good salary doesn't generate your wealth, it's the fuel to help you get there.

I'm trying working to get a few e-commerce businesses off the ground but it can be tough to validate the idea before burning cash on it ($25k in the red and not looking great haha)! Hoping to replicate what you've done and build that first decent chunk of wealth from a business and go from there lol.

Thanks for sharing! Really do appreciate it!

 

As others have said, GC has historically between a boom/bust city but not really hard to predict - Mel and Syd would boom, then it would ripple up here and Bris and GC would benefit. It's often a transient city with people coming through on their way to go further north. We also get a lot of people from Perth move here, maybe it's a similar lifestyle. It's also been God's waiting room for decades with retiress moving up for the warm climate.

We had a massive boom on the GC between 2001-2004 when prices nearly tripled, then it dipped and went sideways for 9-10 years. If buying on the GC is a long term outlook for you then I would sit this out and look at buying in 4-5 years time when things settle down. I wouldn't recommend buying in the current market. A big chunk of workers here are tradies, hospitality or boat building so wages aren't that high.

Here's a pic of Broadbeach Waters back in the day. That's Monaco St running east/west on the left with Rio Vista Blvd and Pacific Blvd running north/south. You can see Amalfi Dve on Isle of Capri in the top left.

 

It's great to see a post from a succesful person acknowledging luck plays a part. None of this BS about LaBoR uNdEr cOrReCt kNoWlEdGe or 'when preparation and opportunity meet' . Yes the harder you work, the luckier you'll get - but luck still plays a MASSIVE part in achieving success, especially when accumulating huge wealth

 

Great pic and feedback thank you.

Not a fan of renting but don’t want to overpay during market peaks. Maybe spending a few years in a rental might be the best option.

Either way the journey will start with renting before making a decision to buy or keep renting.

 

Brother went to this auction this morning (I watched on phone/facetime).

https://www.realestate.com.au/property-residential+land-qld-ormeau-203208866?sourcePage=rea:buy:srp-map&sourceElement=listing-tile

1 acre land - soil test M (but rated P due to trees) Envelope is up the hill among the trees as the flat part is and evo covenant.

Brisk auction - sold 900k

 

So in terms of volatility and boom/bust cycles you see the next 20 years on the GC as identical to the previous 20 years?

You don't think a higher proportion of owner occupiers versus investors and a much more diversified economy and the influences of post-COVID society will result in less volatility to any extent?

 

That sounds more like the NSW descriptions.
Although REA searches make it difficult to seperate.
Vic in my experience would normally describe a unit would refer to a villa unit.
Townhouse seems to be consistent and an apartment would refer to a high rise ie 1 or 2 bed as per your example.

But newer purchasers would likely go off REA search criteria of houses or units which doesn’t help distinguish.

 

https://www.realestate.com.au/property-house-qld-upper+coomera-138163098

Sold 949k

 

Did it actually sell for 949k or higher??

 

I noticed it was under contract yesterday so I called the agent. She said she had two offers 925 and 945.

Very surprised by that result to be honest.

 

Looks like every man and his dog is a developer up on the Gold Coast. I thought Sydney was bad.
Buy a water front block of land or knock down. Get a builder to throw on a large high end home. Add $1m above your finished cost and put it on the market.

Are these guys serious? Not sure who is more delusional up their. The sellers or the agents.
Might as well look for a site and build something spectacular, customised to my taste and save myself a cool $1m.

 

Based on nothing apart from watching the GC market for the past 13 years, I believe we aren't going to see prices go down for anything close to the beach or broadwater unless the entire country goes bust. Things may slowdown or even flatten at some point but that won't be for very long. We won't have a repeat of the 2000s in my opinion. The place is now too far gone for that to happen.

 

Nice little million dollar increase in 2 years!
13 Anita Avenue, Miami, Qld 4220
https://www.realestate.com.au/sold/property-house-qld-miami-138402779

 

That is just nuts. Very nice house reno, but for $2m+ I'd be wanting a much shorter walk to the beach, better aspect, and larger kitchen and pool.

 

The back part of Miami has become much more sought after as bigger blocks/houses and you can’t build duplexes. The streets close to beach are medium density so lots of people living wall to wall. It’s still easy flat walk/ ride to beach.

I think people are crazy paying million bucks up in Coomera . Miami makes bit more sense with its location.