Coastline Gold Coast unit purchasers still spoilt for choice under $500,000: HTW

Coastline Gold Coast unit purchasers still spoilt for choice under $500,000: HTW
Coastline Gold Coast unit purchasers still spoilt for choice under $500,000: HTW

Property investors looking for an apartment for under $500,000 on the central Gold Coast are spoilt for choice according to the property valuation firm, Herron Todd White.

HTW's residential market report for July said potential buyers will need to be aware of body corporate costs, sinking fund balances and any extraordinary works however noted apartments under $500,000 can be purchased no more than 150 metres away from the beach.

"In this price bracket, two-bedroom units at Mermaid Beach would be a property our valuers recommend due to the beach being no more than 150 metres away, Pacific Fair’s recent upgrade and the lively café and bar scene.

"While there are many options available to purchasers with $500,000 to spend in the northern corridor growth suburbs of Pimpama and Coomera, if looking to invest money of my own, I’d be looking at more central Gold Coast areas in close proximity to the beach.

"This is partly due to the vast amount of new stock currently being developed or scheduled for development, as well as the over inflated prices charged for house and land packages which are the most common property type in this area.

"Detached dwellings still appear to be a better investment than units with agents reporting investors buying dwellings for land banking purposes in areas such as Labrador and Southport. These areas have possibly peaked for shorter term consideration. Investors in this case are looking for properties with higher density development potential for example duplex approved sites with dwellings that provide some holding return."

Property Observer found a two bedroom, two bathroom unit for sale on Mermaid Beach for between $279,000 to $309,000.

Tags: 
Gold Coast Apartments

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