There’s the slogan — Queensland, beautiful one day, perfect the next — and if you believe the old mantra to be true, the sunshine state has become an exceptional property market to invest in.
Queensland has evolved over the past few decades or so into Australia’s fastest-growing state with an economy of over $300 billion per annum.
Plus, with prices of houses and units roughly half of what you’d pay in a city like Sydney, Queensland has also become the choice for the discerning investor.
Here’s a look at five in-demand areas across Queensland that Mum and Dad wouldn’t have considered 25 years ago but could be worth adding to your search list.
According to the “experts’ expert” Terry Ryder, founder of hotspotting.com.au, the North Queensland city of Townsville, the unofficial capital of North Queensland, is one to watch in 2017.
Ryder predicts that the suburb’s property market, which has declined over the years, is set to resume its forward progress due to several major developments.
“Its comeback will be boosted by major events, including retail projects, CBD commercial and infrastructure spending,” he said in his article for Property Observer “It is also receiving economic impetus from the expansion of its military economy and will benefit from the $22 billion Adani mining project.”
The prediction that Townsville will become one of the fastest growing cities by 2050 is a far cry from what Mum and Dad would have encountered 25 years ago – an area with an agreeable climate, close to the Great Barrier Reef, and renowned for the considerable damage it experienced in wake of Cyclone Althea’s wrath.
For those seeking a top performing suburb in Australia with potential for long-term growth, Mansfield has experienced price hike of 945.2% for two bedroom units over the past five years.
Situated in the Brisbane area and in close proximity to the CBD, Mansfield is renowned for being a leafy and quiet suburb full of bushland and parklands. It’s in close proximity to shopping and entertainment precincts, such as Garden City and Carindale Westfield’s, and has good access to public transport. It’s also in a good catchment area due to the above-average performing Mansfield State High.
More importantly, due to its proximity to both the Brisbane CBD and the affluent suburb of Carindale, it has promising growth potential.
Not bad for a city who was once known as dairy cattle and sheep grazing territory, whose peacefulness would occasionally be distorted by live music acts at the Mansfield Tavern.
Within close proximity to Brisbane’s CBD, Redcliffe has also piqued the interest of investors.
This, according to experts, is due to “hundreds of millions of dollars’ worth of new road infrastructure underway and a finite, land-locked supply of accommodation”. This includes a new motorway link to the new Gateway Bridge, a jetty and ferry facilities.
Due to a rise in popularity, this modern city within the Moreton Bay district, which possesses the charm and beauty of a small seaside holiday town, has an annual capital growth of 4.93% per annum.
It has come a long way since its initial attraction as a seaside resort, turned Royal Australian Navy base.
For those seeking high rental returns, Yatala, in the northern outer area of the Gold Coast, has seen a high demand for rental properties.
Since 2006, the suburb and its surroundings have experienced rapid development. In fact, Yatala is now recognised as “a major industry and business employment centre, not only for the Gold Coast City but also for the expanding South East Queensland region.”
The positive outlook that has become synonymous with Yatala is in contrast to what your parents would have encountered 25 years ago – a predominantly industrial area, lacking of lifestyle, where they may have occasionally stopped to enjoy a famous “Yatala pie” en route to somewhere a little more tourist friendly.
Fear not, though. Yatala is still home to Yatala Pies (a tourist landmark that has delighted pie lovers for 130 years).
Aroona, Sunshine Coast
After experiencing an extended and acute housing downturn between 2009 and 2013, the Sunshine Coast region has received a much-needed boost in terms of population growth, job opportunities and investment in infrastructure totaling over $15billion.
Among them, $450 million Sunshine Coast Airport expansion and conversion into an International Airport, upgrades to their existing malls and entertainment precinct, and a $2 billion Sunshine Coast University Hospital, which is set to revolutionise healthcare on the coast and offer a range of free hospital service.
The Sunshine Coast also boasts an idyllic beach life with some of the greatest surfing conditions this country has to offer.
One of the region’s suburbs, indicated as a good investment due to high demand for rental properties, is Aroona.
Although, your parents may have foregone buying a property here 25 years ago, given that Aroona was used for cattle grazing for much of the last century, over the past five years, the median house price has increased by 19.2%.
If you’re ready to buy but don’t know where, check out some other articles on hot property across Australia to inspire your next move.