It’s that time of the year again and may Australians will head north and while on holidays they’ll be tempted to buy an investment property on the Gold Coast or Sunshine Coast.
I have a simple word of warning – don’t!
While they are great places to vacation – holiday locations are not where you should be investing you money.
Currently both the Gold and Sunshine Coasts are oversupplied and the number of dwellings for sale in both areas has almost doubled over the last few years.
At the same time these locations have an increasing vacancy rate and are experiencing a fall in demand and a massive drop in property valued
Even though that property you may be considering looks like a bargain these are declining property markets and should be avoided.
I expect further falls in prices before we reach the bottom of the cycle and that might take some time yet.
The holiday location property markets are more volatile than the capital city markets. They may be a great place for vacation, but not a good place to invest.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.