QLD Pimpama Heights Townhouse

Hi All,

I've put a deposit down on a Townhouse in the new Pimpama Heights Estate. After doing some more research I'm seeing alot of advice not to buy in Pimpama. I know the suburb is over supplied but was told the Heights is on the good side of Pimpama and there is a Million dollar sporting complex going next door to it and a bridge over the M1 to the Westfield/Train Station which will increase the value of the preoperty.

The details are:
Type: Brand New Townhouse
Cost: $434k
Features: 3b 2b 1LUG and study nook

I'm a 1st home buyer and wanted to take advantage of the FHG. I honestly now think I'm paying way to much for a Townhouse in a over supplied suburb.

Any advice would be appreciated, and any suggestions for suburbs that are great to invest in GC would also be appreciated.

Thank you

 

Hi Darren

Very highly likely you are overpaying for it - being brand new. Bank valuations may be an issue, and given the supply, you are unlikely to see much growth for a long time.

Its nice to get the FHB benefits, but we learnt this lesson early on - loosing 5% of our savings at the time we were buying our first homes. Best price we paid for the lesson, and soon after found PC.

The 5% Lesson – Off the Plan (OTP) Property

Buying Brand New / Off The Plan (OTP) vs Established Property – Property Twins

Sounds like you have signed contracts? Please seek legal advice on what it means for you if you wanted to pull out?

 

The Northern Gold Coast area is fantastic- the only people who aren't doing well out of it are people who bought overpriced marketer stock (which is admittedly.... quite a lot of them).

I would NOT be buying a townhouse in the area though, poor performance record and no real attraction to that type of housing density in a place like Pimpama. Your sentiments are spot on that you're overpaying just for the privilege of buying new $434,000 is very expensive- an existing home is a far better option, but also no FHOG, only the stamp duty concession.

Have you considered that budget building a house in a similar area (i.e. Logan?).

 

HI Property Twins,

Thank you so much for your reply and feedback.
I ready your link and it's easy to get caught out as we both know now.
I ended up getting my deposit back and the contract was cancelled so I've come out of it okay which is good.
Thanks again for your reply and sorry the delay response.
Thanks

 

Hi Tom,
Thanks so much for your reply.
I ended up pulling out of the contract and getting my deposit back so I was very lucky.
It makes total sense what you are saying and I couldn't agree more.

Atm I'm sitting back and doing my research where to buy and I haven't considered Logan.
I'm looking more Gold Coast tbh.

Thanks again for your reply and I apologise the delay.
Thanks.

 

Great to hear..you want your first purchase to be a good one. Best of luck wherever else you decide.

 

Thanks and I agree
Cheers, I'm looking forward to it.

 

Never listen to people for investment..you would have make 250k- 300k profit by now if you've bought it.

 

High density is coming to pimpama. Townhouse is considered better buy

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