What property hot spots will emerge in 2014?
The past 12 months have proved a turbulent time for the Australian economy – with two cash rate cuts and plenty of activity in the property market, there is plenty to reflect on.
However, those with a property investment strategy will no doubt be looking forward to what the next year has in store, and more specifically where they should be looking to buy.
One area that could prove a wise choice for a Queensland investment property over the coming year is Bowen Basin.
The region recently hit the headlines when the green light was given to the expansion of the Abbot Point coal terminal, which lies around 25km north-west of Bowen Basin.
Property experts already believe this will bring huge benefits to the local market, as hundreds of jobs are created and people relocate to the region in search of new opportunities.
Another one to watch in 2014 is Toowoomba, which has experienced a significant surge in popularity over recent years.
This is likely to continue for the foreseeable future as further investment is made in the city to ensure its services and facilities continue to live up to expectations.
House and unit prices have increased over recent times, which is a scenario investors will no doubt be keen to cash in on throughout 2014.
The state capital of Queensland has also held the interest of investors recently, although experts believe some suburbs will stand out from the crowd over the next 12 months.
In a recent News Limited article, market commentator Peter Koulizos highlighted Redcliffe, Albion and Chermside as potential property hot spots.
Prices in the capital have held steady throughout the course of 2013, suggesting Queensland may in part be immune to the property bubble some experts have been so concerned about.
Data from the Real Estate Institute of Queensland shows the average unit price in Brisbane now stands at $400,000, with sales increasing 13 per cent over the past year.
Ipswich has been on many property investors' radars for some time now – and 2014 could be the year when the city really comes into its own.
This is another forward-thinking area of Queensland where efforts are being made to accommodate the needs of current and future residents.
Various types of property are available, so whether investors have their sights set on an apartment as their Queensland rental property – or perhaps even a townhouse – there is sure to be something to suit.
The Queensland property market once again has the opportunity to come into its own in the new year – and investors need to do what they can to make the most of it.