There is a certain romance about living by the beach. The relaxed way of life, the climate and the natural landscape in Surfers Paradise and the surrounding area offer some great investment potential, especially as southeast Queensland grows as a tourism hub.
Just like any investment you make in Surfers Paradise property, it's as important to think about where and what you buy. Whether you settle on a holiday apartment or a seaside villa, there are couple of things you need to keep in mind when purchasing a beachside investment. Here are a few points to note before setting sail in southeast Queensland.
Living beside (or near) the seaside
Investing in a property with ocean views might seem like the most obvious choice, but it's worth investigating options a few streets back. These properties are often less expensive than houses right on the water, which can bring down capital costs and set you in good stead to do any maintenance and improvements. Purchasing a home within walking distance of the beach can still be an attractive prospective for renters, especially during the holiday periods.
A large, beach home could appeal to families and an older generation than apartments in Surfers Paradise, so this will impact how you advertise. There are also a whole range of activities that people can do throughout the year, which might appeal to different visitors at various times. You might even want to have a think about surfers as potential target renters – the city plays host to many international surfing competitions during the summer months, and the area attracts surfing enthusiasts from all over the world throughout the year.
Vacation apartments with water views in the heart of the CBD will likely demand higher rents than a quiet bungalow – but will probably require a fair bit more in one-time expenses. In any case, you might have to have a bit of patience. Be aware that buying in high density areas could mean vacancies will fluctuate – big developments and high rise blocks can attract more short term visitors than long term leases, so it's worth factoring slower periods into your investment plan.
You'll have to weigh these considerations up before you purchase, but it's worth talking with the team at Ray White Surfers Paradise to get an idea of what beachside properties suit your investment goals.
If you have a particular area in mind, it's important to think about what restrictions there are. Coastal locations often have tighter zoning regulations that limit future redevelopment or how the property is used. Surfers Paradise is dictated by the Gold Coast Shoreline Management Plan, the Queensland state government's Coastal Management plan and a whole range of other policies. Combined, these are intended to manage the coastal environment, taking population, planning, population and even storm response into account.
For example, the State Planning Policy for Coastal Protection sets down criteria for land-use and development within coast zones, while the Queensland Coastal Plan is an overarching set of policies for zone management across the state.
It's worth checking these documents out for any stipulations that might impact on your investment. Keep in mind that these are subject to as much change as the shoreline – local and state governments are constantly updating and adapting legislation, so future changes could influence your piece of real estate in Surfers Paradise.
Buying smart in a beachside location can pay off for the savvy investor, so if you're interested in purchasing a seaside home or apartment to rent, get in touch with the real estate professionals at Ray White Surfers Paradise to discuss your options.