Here is a case for property investment in Brisbane after a person, looking at buying a home unit, off the plan, at Surfers Paradise, recently asked my opinion
The starting prices at this development were 1 bedroom unit with no car parking at $450,000, 2 bedroom with one car park at $750,000 or 3 bedroom with 2 car park start at $2,190,000. He was considering a 1 bedroom with one car park at $660,000.
Firstly I would like to state an essential rule for all investors.
When you are getting into or out of a market, you are better off being one year too early than one week too late.
How does this apply to the Gold Coast and Surfers Paradise in particular?
On the positive side, the Gold Coast is Australia’s fastest growing large City, it is the sixth largest City in Australia and South East QLD is the fastest growing region in Australia.
My problem with the Gold Coast is that it is too volatile and vulnerable to world events that can affect its main industry, tourism. My clients do not buy and sell but buy and accumulate in solid low risk growth areas.
The development that this person was considering is anticipated being completed by mid-2018.
This is a perfect example of what I am saying.
If this building is on schedule it will be completed about two months after the Games. I would also suggest that in July 2018 (if it is completed), that he stand outside the building at 7pm and see how many lights are on in the units.
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So, what is a better alternative?
It depends on the investor. My clients aim to retire owning several properties and debt free. We do not buy and sell but buy and accumulate in solid growth areas like North Harbour, Brisbane.
Which would you prefer; a five bedroom home with a double garage for under $550,000 or a one bedroom with single car park for $660,000?
I rest my case for property investment in Brisbane.
Until next week …
Steve Taylor
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DISCLAIMER
Steve Taylor & Partners blog is opinion and not advice. Readers should seek their own professional advice on the above subject. The figures stated in this article were accurate at the time of publication. For up to date figures, please contact our office.
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