Is it a good idea to purchase condo property in gold coast, australia for investment?

I'd go for sydney where you'll get constant tenancy. A Gold cost condo would have gaps where you wouldn't be getting rental return because people would be there temporarily just for a holiday and there's a lot of condo property competition there.

If you're looking at Melbourne, I'd suggest a one bedroom apartment in the Docklands, South Bank or CBD area. Studio apartments are just too small and 2+ bedrooms might scare people of the higher rental cost.

Try http://www.domain.com.au/ to browse properties.

Condo property in vacationland anywhere is a good thing in good times and a bad thing in bad times. Off the top of my uneducated head I would say "Yes" if you can answer "Yes" to the following questions:

1) Can you get the property at bargain basement prices?

2) Would you make use of the property personally?

3) Are you quite young? (in which case you can wait for a turn-around,) or quite elderly? (in which case "values" don't matter much.)

I live in Canada, but I took great interest in Queensland's "World's Greatest Job" I've been to Hamilton Island - as did a thousand other passengers on the QE2. Island paradise my ass! Queensland must be desperate, and there's a message in that somewhere.