North West Queensland: Invest in a growing area
Many people choose to invest in Queensland rental properties for a number of reasons. It might be to pave the way to a more prosperous retirement, allow them to leave the workforce by 45 years of age or maybe even to help them save towards another goal.
Regardless of the reason, investing in real estate requires an adequate amount of property education. Getting to know how the property market works, what property can offer you and how to get there financially all go hand-in-hand to helping you find your very first rental.
One sign to look for in an area is growth – and that covers all things like house values, median rents, rental yields, and most of all, population.
Fortunately, the area of North West Queensland is looking positively bright for population growth in coming years. This is because a new plan, currently in the works by the state government, will bring development and people to the area.
An already strong region
North West Queensland has a fruitful resources sector. You'll find metal ore mining is a key player in economic growth, while agriculture and manufacturing are other strong areas for employment.
Mt Isa and Conclurry are two regions that are very rich in resources. Both towns boast well established mines, including gold, copper, lead, zinc and silver and help the state of Queensland maintain its strong presence.
But this could be set to improve further in coming years through the North West Queensland Strategic Development Study. This plan will include specific recommendations for projects all throughout the North West Queensland area, including things like roads, transport and even electricity.
All of this will come together to turn North West Queensland into a more attractive place for people and businesses to invest – and for people to live.
In fact, North West Queensland's population could rise by 25 per cent, according to comments from Premier Campbell Newman. Not only this, but the workforce in the region could expand up to a giant 40 per cent more.
Growth on the cards
There's no doubt that Queensland's population has already grown significantly. But predictions from the Australian Bureau of Statistics say Queensland will grow to reach up to 11.1 million people in 2061.
This means many things for owners of investment properties. First of all, there's going to be a demand for accommodation. With more people, comes the need for housing – and investors are the ones to benefit from this, as demand can push up prices and median rents.
With the population expected to grow in North West Queensland and the rest of the state, now seems the time to start thinking ahead and begin searching for a investment property.