Breaking into the Gold Coast’s blue-chip property market is possible even when your budget is geared more towards XXXX Gold than Dom Pérignon, a new report has found.
Herron Todd White’s latest Month In Review report has revealed how to buy a house in a “champagne location on a beer budget”.
There are bargain beach side buys in Mermaid Beach. Mermaid Beach was the central Coast’s top pick for those wanting a budget buy with a premium address, with a specific location key to finding a beachside bargain.
“Search for units on the beach side section, east of the Gold Coast Highway, of the suburb,” the report read.
“The beachfront precinct of Mermaid Beach along Hedges Ave and Albatross Ave is regarded as one of the most prestigious residential locations on the Gold Coast and just 100 to 200 metres back from these streets, you can still find terrific investment opportunities under $450,000.”
It suggested avoiding budget units in holiday-style resorts and instead searching for two-bedroom units in the $350,000-$450,000 range.
“Look for circa 1970 to 1990 built two-bedroom apartments with low body corporate fees as these can potentially achieve a weekly rental value of $450 to $500 per week.” However, Professionals director Luke Henderson said it was all about location.
“Buy the best position that you can afford rather than being focused on the structure,” he said.
“You can always renovate or develop a property, but you can’t pick up a nice home and move it closer to the beach.” Mr Henderson said the rising median property prices in Mermaid Beach were still below what they were in 2008 when the GFC hit.
“I still feel there is a lot of value and growth to be realised in our market to come,” he said.
“When you look at the equivalent suburbs in Sydney and Melbourne, we must look like an absolute steal.” Buyers can also bag a bargain in Burleigh Heads, Miami and Burleigh Waters.
Burleigh Heads, Miami and Burleigh Waters were the south’s best three locations thanks to their proximity to the beach, shops, highway and leisure activities.
“If you are talking even budget beer tastes, the bare minimum to get into a property is $300,000 for a one-bedroom beach side original unit,” the report said.
Hollywell was another hot spot which was often overlooked because of its neighbours. “Whilst the suburb does lack quality shopping facilities, restaurants and cafes, it is within walking distance to suburbs that offer these.”
Herron Todd White Gold Coast director Luke Nichols said if the champagne locations were still out of reach, look next door.
“Find the suburb you want to live in and look at the adjoining one,” he said.
“In a market that is softening it takes a while for vendors to accept that reality, but buyers have more choice and more time to make a decision and negotiate. I see sales every week on the Gold Coast that are at a good price point, buyers just have to be patient.”
Read the original article here as published on www.realestate.com.au