Making the most of your super
AFTER a decade in the doldrums the Whitsunday property market is about to boom according to Craig Williams from PRDnationwide Whitsunday.
Whitsunday
Don't miss out on the headlines from Whitsunday. Followed categories will be added to My News.
AFTER a decade in the doldrums the Whitsunday property market is about to boom according to Craig Williams from PRDnationwide Whitsunday.
Putting this down to the fact the area has been "a little hidden gem" for the last 10 years the former financial advisor from Sydney says it's now a matter of when not if the market explodes.
"You've got investors in Sydney who are looking at very flat growth over the next three to four years but here it's about to take off," he said.
"We've had $1.5 billion in insurance money spent since Cyclone Debbie went through; it's almost as though we've had a new broom swept through Airlie Beach and everything is set to go."
Georgia Hill, who works in PRDnationwide Whitsunday's sales and marketing team, said now was a better time than ever for rental returns.
"In terms of return on investment our rental yields are higher than almost anywhere else in Australia - it's a great time to be a property investor in the Whitsundays," she said. Helping potential investors who might not have a deposit ride this wave is the objective of a Super Fund Seminar to be hosted by PRDnationwide Whitsunday at their Cannonvale office next week.
Mr Williams explained self-managed super funds weren't suitable for everyone and he suggested anyone thinking of taking this route should seek financial advice.
"But for those people it is relevant to, it enables you to take control of your superannuation and direct it into the avenues you see fit and where you'll see the greatest returns for your money," he said.
Mr Williams said as a rule of thumb it was possible to borrow up to about $600,000 for a property purchase from a superannuation fund, restricted to 30-40 per cent of the overall cash.
He said this was "a fantastic price point" for buying house and land packages in the Whitsundays.
"And it means you're no longer dependant on an interest rate from a bank or the returns from a share portfolio. It gives you a huge opportunity especially in a market like this to really put your superannuation on steroids."
SUPER FUND SEMINAR
- WHERE: PRDnationwide Whitsunday, Cannonvale
- WHEN: Tuesday, May 22, 6pm
- COST: Free
- RSVP: Via Facebook