Hi all, we are currently renting a unit in Biggera Waters on the Gold Coast, saving a deposit for our first property. Due to a low deposit we will be buying our first property owner occupier, to live in for a year or so. We love Biggera Waters and have been looking at units in small unit blocks, with low body corps and looking for a opportunity below market value and with renovation potential. Do you think this is a good move? We don’t want to make a mistake with our first purchase and not be able to get our second in a decent time frame. Thanks for your thoughts!
Not a bad idea, paradise point is good also.................But still a better idea is to go for a free standing house if you can get into that market. Owner occupier free standing would be great (no body corp) even if the house is run down and in Southport. I recently bought a villa in GC and I am seeing returns in terms of capital gain, so it does look like the GC is improving. It used to be boom bust town, but it looks to me like it has enough critical mass to be more solid in the future. Aren't there many suburbs like biggera waters? why not consider alternative suburbs with similar features? My personal opinion is a free standing house provides better returns and lower risk over the journey than unit, and that if 'making a mistake' is a big concern, then free standing is a way to reduce that risk. At least you are in a place where it is all happening (at the moment at least).
Thanks we would much prefer free standing but our current borrowing capacity is only about 450k, Biggera Waters median on houses is 600k. :/ is also prefer to invest rather than OO, but don’t have the capital. We can and probably will look at other suburbs - lifestyle is not as important as our long term goals but want to make sure we buy in a good CG suburb.
My suggestion is to wait until after the Commonweakth Games. Lots of extra employment for the construction and duration of the Games but afterwards things should quieten down a bit. Marg
I used to live at runaway bay just around the corner . It's a good locations though individual block placement is important regards some parts are still a little rough around the edges. Valuations are stacking up well and most lenders have no issues. Ta Rolf
Nice spot, though townhouses and units have been stagnant there for a while. I recently had a 3-Bedroom townhouse needing renovation in a good complex (pool, entertaining, tennis court) listed for around sub $300k and didn't sell.
Speaking from (being broke) experience, Duplexes are often not a bad compromise. We had to choose between a house out in the sticks or a duplex close in and as a PPOR, the duplex was a much, MUCH better choice. Have you had a look at Labrador? You can get duplexes there in your price range and it's only the next subhurb over. I used to live in the area and it was fine. 2/14 Senate Street Labrador Qld 4215 - House for Sale #127253482 - realestate.com.au 2/157 Whiting Street Labrador Qld 4215 - Duplex/Semi-Detached for Sale #127311302 - realestate.com.au
You can still get a 2brm/1bth walk up unit on the Golden Mile for your budget. One street back and you will easily find a unit in that price range, but I think if you're buying a unit it needs to be on the waterfront. Also if you are going to rent it out in future, think about the tenants you want to attract. They can make or break an investment.
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