What a lazy $700,000 can buy in Southern Gold Coast: HTW residential
With a budget of $700,000, the best opportunities in the southern Gold Coast region are in areas such as Miami or Burleigh Waters, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
"For your money, you could get a two- or three-bedroom duplex or townhouse in either of these suburbs," the valuation firm said.
Both these areas and properties offer a good opportunity to purchase a relatively good sized property at the entry level price for the suburb.
The report notes either an original three-bedroom or a renovated two-bedroom duplex or townhouse unit is achievable within the price bracket and can provide good investment returns.
The buyer profile for this area is generally couples purchasing their first investment or first property for renovation.
The rental returns in the current market have significantly dropped from talking to local property managers but they are all confident there will be a rebound in the next six months.
"If you were looking to purchase multiple properties or achieve a good return, any purchase close to Bond University will ensure strong rental returns and if you have $700,000 to spend, there are opportunities to purchase two one-bedroom units around Varsity for about $300,000 each with rental returns of between $375 and 450 per week," the valuation firm said.
A two bedroom, two bathroom townhouse at 2/2 Barbet Place, Burleigh Waters has recently been sold for $450,000.
The home comes with open plan living, upgraded kitchen, separate laundry and single lock up garage.
It is situated within walking distance of beaches, local shops, schools and public transport.
A two bedroom, two bathroom unit at 63/7 Redondo Avenue, Miami (pictured below) has hit the market with a price of $449,000.
The unit comes with renovated bathrooms, fully equipped kitchen, and underground car park.
It is located within 100m to the beach.
Covid 19 update:
To date, the impact of the pandemic on the southern regions of the Gold Coast hasn’t translated into a downturn either in property sales or prices, the report noted.
House prices remain firm, however some properties are staying on the market a little longer, although still transacting within a three-month period, with some properties as short as a few days.
"The rental market has been negatively impacted with heavy discounts being provided for new leases or pauses on current leases.
"This may see a downturn in future sale prices but this hasn’t been realised yet in sale prices currently being achieved," the valuation firm said.