Is Now the Time to Buy Your Dream Apartment?
While we all know that house prices are going through the roof at the moment, you might want to take a second look at that prime-location apartment overlooking Surfers Paradise.
That’s right, while Australia is bouncing back from COVID-19, many countries around the world are struggling to recover, so tourist hot-spots across Australia (especially our must-see beach destinations) are set to be the most exposed to any downturn in our local market.
So if you’re unable to be in the running for your dream house and you’re open to pivot, you could find that an apartment in the ‘higher-risk’ suburbs of Robina, Varsity, Biggera Waters (and maybe even Broadbeach) is now within reach.
Reduced demand for units
Without swarms of international tourists and students (in combination with hesitant domestic travellers) pushing up demand, areas with a higher volume of holiday-letting apartments are feeling the impact.
We’re likely to see a dip in property prices across apartments, and it’s not just the lack of tourists that are responsible for this - apartment living was the dream for those who needed to be close to work pre-COVID. However, this was before work from home was made a reality. For those purchasing homes this year or having a sea or tree change, space for a home office is a big consideration, with Australians less inclined to live in an apartment simply for the shorter commute.
Perfect for Singles and Young Couples
With that said, for many singles and couples who don’t require a tonne of extra rooms for a growing family or animals, it could be the perfect time to secure a premium apartment in a dream location that you otherwise wouldn’t have had access to.
You’re also less likely to be competing with investors that would normally be snapping up these deals, with investors being the buying group that has seen the biggest decrease in recent months - all of this spells a great opportunity for the right apartment at a reasonable price.
The Perfect Coastal Getaway
If you’ve got some extra cash to splash, you might find that it’s the right time to purchase a getaway apartment on the Gold Coast, somewhere you can enjoy the sights and entertainment for a weekend. As echoed by property experts across the board though, if you’re looking to make an offer, don’t take it too slow. With many people (even within Queensland) moving to the Gold Coast, these apartments are likely to be snapped up in the coming months and see a price increase again.
Whilst apartments may seem like a safer bet because the property is within a shared block, there might be conditions outside of the housing market that makes the unit such a deal. So be cautious and always do your due diligence. It’s essential to get your pre-purchase pest and building inspections done before you sign. Lastly, make sure you are across all strata costs, including what the sinking fund level is and what if any major development works may be due. If everything checks out, you may have just snatched yourself a bargain in a market where there feels like no such thing.
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