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QLD Surfers Paradise

Discussion in 'Where to Buy' started by gach2, 17th Apr, 2016.

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  1. gach2

    gach2 Well-Known Member

    Joined:
    30th Jun, 2015
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    sydney
    Just wondering if any of you are interested or have opinion on surfers?

    Personally I'm not interested in investing myself today due to my limitations and the fact it is not in my strategy what I mention below.

    Not talking about buying high rises in fancy hotels or nice multi million waterfront mansions.

    More in those older 2 bedroom apartments (usually not over 2 storey) on streets such as peninsula dr etc

    Had a look and a lot are selling in low to mid 200s with some sold in recent times for even 190k
    BC can be as low at $30pw and rent seems to be around the mid 300s so really seems to be cash flow +.

    Did live on penisula dr for a short while and seemed like it was full young backpackers/working holiday visas etc so there was a high rental demand though turn around would have been high (6 month tenancy contract usually only last 6 months without extensions etc). They werent too picky with conditions (eg air con etc) though wouldnt be uncommon for each room to be occupied by 2 people.

    This streets also been hunted by developers who are trying to build high rises. The place i was staying was been targeted by developers with my old neigbour (owner occupied) telling me he had been offered 450k in a contract with some type of clause that it is only effective when all in the complex sign over.

    Doesnt seem like a bad investment considering its cf+ and there is a cg potential when developers want to build up.

    Any opinions?
     
  2. datto

    datto Well-Known Member

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    Yeah, look, I don't know. Surfers seems really fast paced for me.

    Its got a vibe that to me seems like bogan overload.

    Sure, I've been there enough and have staggered down Cavill Ave in the early hours. Could have sworn someone was following me.

    Checked out Chevron Island as well but always balked at buying anything.

    Your call gach, you might make dough there.
     
  3. Luke T

    Luke T Well-Known Member

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    Location:
    Sydney
    My opinion
    -its a great area but be careful.
    I would only buy in the CBD (within 100m to beach within cavill,hanlen or trickett st)and not as an only property in the portfolio.
    -deals are still around and if you get cash neutral cant go too wrong.under 200K
    It is high demand for rents-awesome beach and the chinese love it
    Just watch the oversupply of surfers due to the mega number of appartments!
    -my recommendation is buy now and pay down with any extra cashflow
    then 1)sell to developers or just before comm games or
    2)if cash pos keep renting it out
     
  4. Azazel

    Azazel Well-Known Member

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    It's true. Coasties are weird people.

    I would go for a house on a decent block over a unit at the Gold Coast. But depends on your budget of course.
     
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  5. gach2

    gach2 Well-Known Member

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    Location:
    sydney
    @datto that could have been me after seeing your fro hahah

    as said im not interested due to my limitations but doesn seems like a place that does not get much attention in this forum.

    @Luke Taylor - streets you mention are extremely hard to find 2 storey properties (maybe very few) and most of the bigger complexes have high strata so would eat anything cf+ but there maybe be a rare complex where it is low and cf+

    @Azazel - house would be a lot better specially if rundown or not a newly constructed (did also spend time in a house in chevron island which was purchased by a developer and was renting till plans got approved) but seemed like they are rare to find and still selling for 1.5 mil while newly developed mansions were like 2.5 mil and the yield to hold would be quiet low unlike apartments
     
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  6. big max

    big max Well-Known Member

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    Gold Coast
    Definitely worth considering and yes Chinese and Arab money coming in big time. Economy of Gold Coast is going from strength to strength. Look at buying places with development potential.
     
  7. Azazel

    Azazel Well-Known Member

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    Brisbane
    If you've seen what's happening in Southport, would've been a good place to buy a couple of years ago.
    Might be still some around if you look hard enough.