HAPPY FRIDAY!!!! – What Does $300,000 Buy?

 

 

In Herron Todd White’s Month in review for September, they had a look across the nation, at what you could buy for $300,000, I have edited this for you to cover the Gold Coast region, just to show what is out there if you are keen to buy a property, whether for a first home, or for an investment property.

 

Do you have equity you could use in your current home?

 

Why not give me a call here at Fraser Financial Services and we can help you to use the equity in your home to purchase an investment property. Lately we have had more enquiries than usual here at Fraser Financial Services, and this may be the first sign of an upturn in the real estate market. Now could be the time to get in before the market jumps!

 

Also if you have credit defaults, or a not so happy credit record we do have lenders you can use to get you into the bottom end of the market, and plan to refinance at a later stage. We are here to help!!!

 

Call me on 0400 853 035 or email me:-  terry@ffsqld.com.au and I can tell you how you can get into the investment market.

 

In the meantime check out Herron Todd White’s residences under $300,000 in the South East Queensland area. If you would like to see the whole report, use the link below.

 

Below article edited from Herron Todd White Month in Review September 2012

 

http://www.htw.com.au/Month_in_Review/Month-In-Review-September-2012.pdf

 

 

Gold Coast and Tweed Coast

 

The “affordability” tagline is constantly in the press, but

we do not consider it to be so serious on the Gold Coast.

Sales under $300,000 presently account for almost 20%

of our residential market.

 

Provided buyers are not greedy in their house wants or

are able to live comfortably in a unit, there is a myriad of

options available for purchasers wishing to spend under

$300,000.

 

Besides land in almost any estate in our region, the

opportunities are bountiful for a home or investment

property.

 

Unit Opportunities

 

In Surfers Paradise there are plenty of options for

purchasers with $300,000 to spend, including older style

units starting in the low $100,000’s and 1- bedroom,

1- bathroom units in modern highrises ($250,000 to

$320,000). An example is Unit 709 in Wings Residential

which is a 7th floor 1- bedroom plus study with 2-

bathrooms in a circa 2004 building that sold on 28 June

2012 for $250,000.

 

Wings

 

Just south of our tourism mecca, a semi-modern unit

in a three storey walk-up in 2- bedroom, 1- bathroom

configuration in Mermaid Beach/Broadbeach falls under

the $300,000 category. An example is Unit 43 in Diamond

Beach South in Mermaid Beach which sold on 2 March

2012 for $300,000 – a 1994 2- bedroom, 2- bathroom

lowrise unit with a floor area of 105 square metres.

 

The Southport CBD medium/highrise developments

have seen severe drops in value over the past couple of

years due to distressed sales and rising body corporate

rates. While values are still slowly softening, the rental

market has remained relatively stable.

 

 A notable sale at the $300,000 price point is:

 

715/2 Aqua St, Southport – a 2009, 2- bedroom, 2-

bathroom, mediumrise unit with single car basement

carspace. Areas: living – 84 square metres; balcony – 8

square metres. Situated on level four having a north-

easterly aspect and local/complex views. Common

improvements include swimming pool, on-site

management/caretaker, barbecue facilities, gymnasium,

sauna, passenger lift, spa. The property has good external

condition and good internal condition. Originally sold by

the developer for $350,000 in 2009, then sold in July 2011

for $300,000. Now sold for $286,250 in April 2012.

 

Harmony

 

The Harmony lowrise development at Runaway Bay

has been slowly releasing the remaining stock onto

the market via receivers. Initial prices paid were well

above local market values and a recent re-sale of a 74

square metres, 1- bedroom, 1- bathroom unit, with a 1

car basement carspace sold for $267,000 on 3 July 2012

(previous sale by developer was for $369,888 in August

2007.

 

$300,000 and under would cover most second hand stock

for 3- bedroom, 2- bathroom townhouses and duplexes in

Coomera and Pacific Pines. An example is Unit 23 in Villa

Corfu which is a 3- bedroom, 2- bathroom townhouse

unit with a single lock up garage that was built circa 1999

which sold this month for $260,000. Rents range from

$360 to $380 per week.

 

Villa Casablanca

 

Within the Hope Island Resort is Villa Casablanca, a 60 unit

security gated complex adjacent to a golf course. In June,

a savvy investor snapped up a mortgagee in possession

townhouse for $300,000.

 

House and Duplex Opportunities

 

The best buys generally remain with the stressed sales

which are still dominating the lower end of the valuation

echelon. The market has continued to soften into 2012

with recent indications that the market is starting to

stabilise. Properties in this price bracket represent the

highest sales rates currently on the Gold Coast but many

are in fringe rather than central locations. Generally

speaking the properties selling circa $300,000 are

untidy and usually in need of at least some cosmetic

improvement (i.e. circa $10,000 to $20,000 cost) to lift

their overall presentation and marketability. In most

suburbs in the northern area $300,000 represents entrylevel

only, however in many cases rental returns for these

properties remain strong.

 

The central suburb of Ashmore has seen sale activity

below the $300,000 for 3- bedroom houses in recent

time. Two sales of note include:

 

• 20 Numeralla Ave, Ashmore – a semi-modern, 3-

bedroom, 1- bathroom, brick and tile dwelling with

double carport and situated on a 738 square metre,

corner allotment. Sold for $285,000 on 5 May 2012.

• 20 Sun Valley Dr, Ashmore – a 1970’s, 3- bedroom, 2-

bathroom, brick and fibro dwelling with double garage

and situated on a 637 square metre allotment opposite

a park. The dwelling was in very original condition

and needed some work. Sold for $285,000 on 4 May

2012. Once tidied up this house would rent for around

$400 per week and have good opportunity for capital

growth.

 

The continued decrease in prices has seen a large

number of semi-modern onground dwellings in Nerang/

Highland Park become available for $300,000 and under.

An example is 43 Orlando Court, Highland Park which is a

small circa 1980’s brick and colourbond tile dwelling with

a living area of 87 square metres on a 753 square metres

allotment which sold this month for $325,000.

 

Examples of sales in other locations include:

 

Oxenford

 

• Duplex Units. Circa mid 1990’s, semi-modern, 2-

bedroom, 1- bathroom duplex unit with single lockup

garage. Typical Price Range $220,000 to $240,000.

Typical Rent $280 to $310 per week.

• Duplex Units. Circa mid 1990’s, semi-modern, 3-

bedroom, 1- bathroom duplex unit with single lockup

garage. Typical Price Range $260,000 to $280,000.

Typical Rent $300 to $330 per week.

 

Upper Coomera

 

• Townhouse Units. Circa 2004 to 2010, modern, 3-

bedroom, 2- bathroom townhouse units with single

lock-up garage. Typical Price Range $250,000 to

$280,000. Typical Rent $360 to $380 per week.

• Some modern duplex units have been selling around

the high $200,000’s which provide a 3- bedroom, 2-

bathroom accommodation with single lock-up garage.

Typically Rent $360 to $380 per week.

 

Eagleby

 

• Detached Dwelling. Circa 1980’s, older style, 3-

bedroom, 1- bathroom dwellings in original condition.

Land area 600 square metres to 800 square metres.

Typical Price Range $220,000 to $240,000. Typical Rent

$270 to $320 per week.

 

Mount Warren Park

 

• Detached Dwelling. Circa 1980’s, older style, 3-

bedroom, 1- bathroom dwellings in original condition.

Land area 600 square metres to 800 square metres.

Typical Price Range $260,000 to $300,000. Typical Rent

$320 to $350 per week.

• Townhouse Units/Villas. Circa 1980’s, older style, 2-

bedroom, 1- bathroom townhouse units with single

carspace. Typical Price Range $140,000 to $170,000.

Typical Rent $240 to $250 per week.

 

Edens Landing

 

• Townhouse Units/Villas. Circa late 1980’s, older style,

3- bedroom, 1- bathroom townhouse units with

single lock-up garage. Typical Price Range $200,000 to

$220,000. Typical Rent $260 to $290 per week.

 

Beaudesert Valley/Scenic rim

 

With the market continuing to cool its heels in the Scenic

Rim and south Logan regions, the options for investment

and end user product under $300,000 increases.

 

The most talked about release and new subdivision is

Yarrabilba, and with house and land packages starting

from $269,500 the opportunity to buy a new 3- bedroom,

1- bathroom home complete with landscaping, driveway

and fencing on a 300 square metre lot is a reality in this

estate. Land alone starts at $118,000 and with a choice of

builders in the estate or the ability to choose your own,

this is a “get in on the ground” level type investment.

Older dwellings in the established areas of Jimboomba,

Canungra and Beaudesert are also selling for under

$300,000.

 

Recently in Beaudesert, there have been a couple of 4-

bedroom, 2- bathroom semi-modern brick homes with

double garages selling for $300,000. These are located

in an area where there are a large number of investors

and there has also been some negativity regarding the

integrity of retaining walls originally constructed by the

developer.

 

While Jimboomba has a number of newer estates, product

is priced over the $350,000. However there are still some

cheaper properties and $290,000 in Jimboomba will buy

a 20 year old, 3- bedroom, 1- bathroom, brick home on

a 1,012 square metre lot within one kilometre of two

shopping centres and the commercial/industrial area.

 

Canungra township has seen some activity sub $300,000

with a number of brick homes recently selling for under

$300,000. However they are typically dated in appearance,

may have building issues (i.e. structural or asbestos) or be

located on a busy road.

 

For the home unit investor/owner, a new 3- bedroom,

2- bathroom townhouse unit with single lock-up garage

and low body corporate in Beaudesert is around $280,000

and rental demand is good with an average weekly rent

of around $290 being achieved. Or alternatively a 1-

bedroom basic unit for $125,000 with a rental income of

$170 per week.

 

….as you move into the hinterland there is

defiantly more options….

 

The rural residential/acreage market isn’t under the

$300,000 mark, however for the around $350,000 you

can get a couple of acres with a basic house in either the

Tamborine area.

 

There are a lot of opportunities to buy under the $300,000

in the above areas, as vendors become more realistic to

the market.

 

Happy Friday!!!!