Taking advantage of Queensland property market conditions
The Queensland property market has continued to show signs of offering lucrative opportunities for savvy investors this month, particularly near the Sunshine Coast.
Latest figures from the Real Estate Institute of Queensland (REIQ) reveal that the state's tourism hotspots are experiencing an influx of demand, with apartments and townhouses in seaside locations spearheading the charge.
According to the REIQ, unit sales climbed two per cent over the March 2013 quarter when compared with the same period last year – but, more importantly, this growth has occurred in specific areas of the state.
Tourism centres receive boost
Anton Kardash, chief executive officer of the REIQ, said the popularity of major tourist precincts has returned, resulting in sales of apartments and townhouses shooting up 22.6 per cent in the Sunshine Coast over the March quarter.
"Many of these areas have also become more affordable, even those with unique seaside locations, so this is no doubt spurring buyers into action before the tide has turned to the positive completely," he explained.
Not only this, but the recent state budget has seen the Newman government refocus on investing in tourism and recreation throughout Queensland – a move that will improve amenities and possibly have a positive knock-on effect for property.
The funding will include $25.8 million for the National Parks Capital Works program, as well as providing $47.8 million to the Get in the Game grassroots campaign over three years.
The latter scheme helps sport and recreation clubs to grow, facilities to be renovated, and encourages more children to get involved in activities.
Where to buy?
The above news is likely to encourage those hoping to purchase investment properties in the region, suggesting more and more people will be flocking to well-known tourism locations in the state in the near future.
But where exactly should investors be thinking about making a purchase? Well, REIQ data from last month has already highlighted Mackay as a solid performer.
The city is known for its rich history in sugar cane farming and mining resources, which helped it to contribute around $17.3 billion to the state economy in 2008-09.
Mackay's median property prices jumped 3.2 per cent in the March quarter, increasing to $428,250. With its strong links to the Bowen Basin coal mining reserves, Mackay is also likely to be riding the resources wave for some years to come.
Similarly, Gladstone continues to be a popular choice, with REIQ stats showing median prices edged forward 0.3 per cent over the three months to March this year.
While this indicates some slowdown when compared with the extraordinary growth in previous quarters, industry experts remain convinced that the city is one of the best middle- to long-term property investments in Queensland.