Q&A - Ask An Expert
PROSPECTS FOR BUYING GOLD COAST WATERFRONT
Answered Thursday 2 February 2012 |Share:
Hi Andrew
Amongst the din of those experts who are down on the Gold Coast because of the over-supply of high rise apartments, I would be interested in your opinion as a local on the future prospects of buying quality waterfront at today's bargain prices i.e. 4 bedroom duplex on Chevron Island, Stanhill Drive facing Budds Beach - fabulous views. Now going for 30% less than purchase price in 2008....
Answer
Robyn - the Goldie is a different type of market, the gains are big but so are the losses, however your typical housing stock a 4 bed house on a 600sqm block, for example, doesn't drop or rise quite as much. Good waterfront is only really a risk when the maket is booming, yet that is when most buy; so buying at less than 2008 means you are almost payiing an 05/06 price. So that means it has no real growth for around 5 years which puts you in a good poosition from day one and it is a great place to live too! As for the high rise market and big losses, the losses are not real; because the prices people were paying were so inflated anyway.For example Q1 1 bedders now are in the low to mid 300s, true they may have been worth late 3s early 4s in the boom but never 500+! Happy buying
Andrew Winter
Property Expert
Thank you Andrew - An update - I bought the waterfront duplex, its located on the "Golden Mile" of Stanhill Drive, drop-dead views NE aspect across the main river to Budds Beach, deep water mooring & pontoon - for over $400k less than the owners paid in 2007... I will be relocating from Sydney and have already secured my PO Box on Chevron Island.... I appreciate your feedback and have watched all your shows from the UK and now AUS... I get really annoyed at the commentators who generalise and bag the Gold Coast, when there are in fact some excellent buying opportunities right now. Thanks again!