Can you recognise a standout apartment unit?

The population of the Gold Cast is expected to double between now and 2050, according to Bernard Salt, and new residents means new residences. To meet the needs of our burgeoning population, Gold Coast developers are building heaps of massive residential sky rises.

These properties are often luxurious and popular among renters, but do they make sound investments? We break down some of the questions investors should ask themselves before buying an apartment unit.

Does the property boast any unique features?

Prospective tenants will likely be spoiled for choice with so many developments going up at once, so if you decide to buy a unit, make sure it has standout features, including things like:

• Reserved parking spaces for residents
• Common areas, such as a gym or swimming pool
• A larger floor plan than other, similar units
• Full time security or an on-call building manager
• Energy efficiency ratings

These types of bonuses might not seem very important, but they could be a deal-maker for renters who are looking for that one unique, special feature.

Is this suburb showing signs of growth?

Before buying a unit, make sure it’s in a suburb that will offer you high returns. Look for steady signs of growth by checking out rental yields and unit sales.

These numbers, however, aren’t the only indication of growth. Up and coming suburbs will have good access to the CBD, but won’t necessarily have been hit by the wave of gentrification just yet. When homes bordering the CBD become unaffordable, renters will look outward.

Investors should also keep an eye on new shops and restaurants opening up, urban development projects on the rise – including new public transport hubs, parks and recreation centres – and a general sense of popularity among young people.

Do I want to join this owner’s corporation?

If you purchase a unit in a 500 unit sky rise, you also join an owner’s corporation of that size.

This isn’t ideal for a couple of reasons. For one, your voice will be incredibly small, especially when you’re trying to compete with the millionaire class of developers.

Larger owners corporations also mean larger joining fees, which might make a seemingly affordable unit out of range for many investors.

There are plenty of great opportunities for property investors to snatch up units and enjoy high returns, but being selective is key and getting the right real estate agent on board early is essential. To find out more, reach out to the expert team at Ray White Surfers Paradise.