Most of the media attention on the Gold Coast property market focuses on waterfront mansions and luxury penthouses, but most of the property action is at a much lower price point. Away from the high-rollers and cashed-up foreign investors, there is a strong market for more affordable properties that meet the needs of the Gold Coast's growing permanent population. Competition can be fierce at this price-point, so you'll need to do your research and be prepared to move when the right property comes along. But if you manage to buy well, you'll have secured an asset with an excellent rental return and strong future supply-demand fundamentals.
Houses on the Gold Coast under $500,000
You can still pick up a house in the central Gold Coast for this budget. My picks would be the suburb of Nerang if you want convenience and something you can value-add to, or Pacific Pines if you're chasing a more contemporary property. You could also go bargain-hunting further north in the Coomera/Pimpama/Ormeau growth area but be mindful the chances of immediate growth are a lot lower.
Bought earlier this year by a client for $505,000, this property is a good example of what can be found at this price-point. Located in Highland Park (next door to Nerang), the 3 bed 2 bath house sits on a massive 1200 sqm block, and rents for $520 per week.
Townhouses on the Gold Coast under $500,000
Townhouses are a popular choice on the Gold Coast - they make up 20% of the properties on the Gold Coast, and fit the slightly older demographic of the city. Like detached houses, the long-term supply and demand fundamentals for high-quality townhouses on the Gold Coast are very promising. However, the right stock is in short supply, so you need to be careful about what you buy. Focusing on one particular suburb here is unlikely to yield too much success, as there generally isn't enough good stock to choose from in one location. So expand your location range and look for a townhouse with great design, in a small complex, and in a good position within the suburb. Options include Robina/Varsity Lakes, where you'll find modern and conveniently located townhouses for under $500,000, or if your budget is a little lower you could look at Mudgeeraba, Carrara or Reedy Creek. You're probably not going to get a good townhouse which is 'beachside' at this price, but you could look at one of the 'waters' suburbs, including Burleigh Waters, Mermaid Waters or Broadbeach Waters. Alternatively, the right townhouse in the Southport/Labrador area gives you easy access to the Gold Coast CBD, Griffith University and Hospital and Light Rail.
This renovated 3 Bed 2 Bath Townhouse in Labrador was bought for $373,000. In a small complex of 8 with low body-corporate, the property's location is excellent. It is only a 5 minute walk to the Broadwater and 10 minutes from the popular Chirn Park precinct. It is within 5 minutes of the Southport CBD by car and 10 mins to the new GC Hospital and Griffith University. It rents for $420 per week.
In summary, there are still plenty of opportunities for investors looking to buy a quality investment for below $500,000. If you need help locating a great investment property on the Gold Coast, book in a free and no-obligation consultation below.