Secrets of Gold Coast’s real estate titans: First home buyers, investors and bang for buck
With the Gold Coast real estate market hotter than ever before some of the city’s top agents reveal their insider secrets, the best suburbs to invest in and tips for new homeowners. ALL THE SECRETS >>>
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Some of the Gold Coast’s top real estate identities have revealed their hidden secrets for those looking to crack into the city’s exploding property market.
The best suburbs for those wanting to buy their first home, how wannabe investors can start their portfolio and tips to get the dream home are all revealed.
Jay Helprin – Kollosche
Advice for investing
“The best advice I can give to an entry level property investor is to find a property with two plus bedrooms with low maintenance costs in a low-density area.
“The reason for this is that I feel it is not a great investment strategy if hundreds if not thousands of comparable properties can be built in proximity to your investment.
“Having some element of land is also an advantage as it opens up your prospective tenant market to families or people with yard space for their pet.
“As we know, land appreciates and improvements depreciate.”
Tips for first home buyers
“As a first home buyer, I’d consider Broadbeach and Mermaid Beach to try and find a two-bedroom apartment because of the proximity to the beach, key amenities and the entertainment precincts.
“Two bedrooms are ideal because you can use the second bedroom as a study, media room, guest room or rent it to a friend for additional cash flow to help pay the mortgage and bills.
“The best tips I can give for people looking to enter the housing market is to have a plan, speak with a broker who can help you secure finances before you need it and do your research on the property plus what is happening in that area.
“When you’re at an auction, be aggressive with your bidding. Make the room think you will pay whatever it takes to own the property.”
Stand out property sold within the last six months
85 Admiralty Drive, Paradise Waters – sold in April for $8,000,000
Amir Mian – Amir Prestige
Where to invest
“It depends a lot on what the investor wants and the needs for them.
“If you want to be near the beach then Miami, Palmy and Mermaid Beach are all good options.
“Biggera Waters, Miami and Coombabah are all growth areas and it is worth investing in properties in those suburbs.
“Pockets in Helensvale and Hollywell are doing well too.”
Tips before buying
“Advice for those looking to buy is to pick an area that suits you and do your research.
“Think about what you want and need, such as schools, your lifestyle and traffic for work, and choose a suitable area wisely.
“Talk to real estate agents and see what is off market in the area. There’s a lot of deals being made off market, so alway ask around for those properties that might not be listed.
“If the property goes to auction, make sure you’re prepared and know your range.
“Talk to the bank and see how high you can go. There’s been examples of buyers finding out after the auction they could have reached the winning bid.”
Stand out property sold within the last six months
5 McMillan Court, Southport – sold in August for $23,750,000
David Manby – LJ Hooker
Tips for investors
“Focus on properties that generate high rental returns so that they become good long term investment properties.
“Consider duplex where there are no body corp fees and heavy outgoings but the duplex has good capital growth.
“Those with a budget up to $700,000 – properties in northern Gold Coast such as Upper Coomera and Pimpama are good investments.
“If you have up to $1 million, consider buying non beachside properties in progressive suburbs such as Elanora, Reedy Creek and Merrimac.”
Cracking into the housing market
“Buy a house further from your footprint rather than settle for a unit or townhouse as this compromises your capital growth.
“Communicate with many agents to try and buy off market to avoid competition on price and make sure you offer the best terms on your contract.
“Don’t wait to make an offer, be quick. Consider a buyer’s agent to help you through the process.
Stand out property on the market
109 The Panorama, Tallai currently showing under contract and is unconditional $4.5-$5 million.
Lucy Cole – Lucy Cole Prestige
Getting your dream first home
“People need to know their finances and work that out before applying for properties.
“Given the interest in the market is very strong at the moment, not knowing your limits could result in missing the perfect home to someone who is organised.
“It’s really important first home buyers know their limits.
“The are plenty of brokers out there making themselves available to help those trying to enter the market.
“Go to your bank and speak to them to know your financial situation.
Best bang for your buck
“For first home buyers, look at places west of the M1 like Coomera, Carrara and Nerang. “Those areas have houses that will provide bang for your buck.
“Those looking to get into the investment game, any unit central in the city is a good option.”
Stand out property sold within the last six months
Penthouse at Dune Main Beach, sold for $16,500,000 in August.
James Massey – Harcourts
First home buyers tips
“Be patient. Be ready to strike when the property enters the market and be open to outer suburbs of the Gold Coast where you get more value for your money.
“A 15 to 20 minute drive to our famous beaches is still very close compared to other cities across the country.
“Don’t just rely on looking online. Call local agents in your referred suburb and ask what properties are coming on the market in the next 30 days.
“Keep calling them regularly and ask to be on their VIP buyers’ database.
“Most agents will send out alerts to the buyers they’re currently working with before the new property is advertised publicly.”
Best spots to buy
“You can still buy three-bedroom houses under $750,000 in places like Merrimac, Robina, Varsity Lakes, Carrara, Arundel, and Parkwood.
“Make sure you get pre-approval on your finances before making an offer on a property you’re wanting to buy.
“Sellers always ask their agents if a buyer’s finances are in order.
“The seller needs to feel confident when choosing a contract that there is less chance of it falling through.
Standout property sold within the last 6 months on the Gold Coast
160 Ron Penhaligon Way, Robina, sold in August for $1,300,000
Luke Henderson – John Henderson Real Estate
First home buyers tips
“It depends on affordability but I always advise to buy in areas with easy access to transport, shops and any other needs you require.
“Suburbs close to the beach are always good because the beach is the equivalent to the CBD on the Gold Coast.
“Lots of people want their dream home as their first buy but it’s better to have stepping stones.
“It’s safer in the market than on the outside, so get in and work your way to that dream home.”
Securing a home
“Make sure you have the finances ready for approval not just pre-approval. It allows you to go to auctions a lot more prepared.
“Use your bank and a broker to sort this out. It also helps with properties with multiple offers on it.
“Knowing your limits and how high you can go will benefit when agreeing to terms on a property.”
Standout property sold within the last 6 months on the Gold Coast
54 – 56 Albatross Ave, Mermaid Beach, sold in July for $5,600,000
Andrew Bell – Ray White
Cracking the buyers market
“Firstly anyone looking to buy needs to have a decent deposit. That’s the biggest challenge.
“A change of attitude is needed to put away X amount of dollars.
“Sometimes it requires compromise in your lifestyle to save that money.
“If you’re a young person and you end up buying a property you’ve won the biggest battle.
“You might not start where you want to end but getting your foot in the market will make it easier to get that desired location and property in the future.”
Where to start buying
“Obviously the closer to the CBD the higher the value because real estate is about location.
“My advice is to look for older apartments in central areas like Carrra, Southport and Labrador.
“There’s some old properties in Chevron Island and in Surfers that are 50 years old that are on the market.
“These days the market is positively geared because the interest rates are so low, so people are making profits from owning property.
“People are buying in cheaper areas and waiting five years. Then they can use what they’ve gained to buy in areas they want to live in.”
Best opportunity on the market
3 Baratta St, Southport, going to auction on September 30.
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