Queensland investors may want to look beyond Brisbane and the Gold Coast for the next investment opportunity.
There are currently a number of major infrastructure projects underway on the Sunshine Coast, which is around 100km north of Brisbane, and these are helping the region draw in investors from across the country, according to one property professional in the region.
“I’ve been trying to a buy houses in a few areas recently and it’s proving to be a pretty hard job at the moment,” Karen Young, principal and director of buyer’s agency Property Zest, said.
“The market up here is definitely pretty hot at the moment, it’s pretty common to see houses sell for a fair bit over what the banks are valuing them at,” Young said.
Covering around 3,100 square kilometres and with a population of more than 300,000 at the last Census in 2011, the Sunshine Coast is a relatively large area, but Young said investors are targeting some specific areas.
“The area’s that we’re seeing become popular are the ones near the big infrastructure projects that are happening up here at the moment,” she said.
“There’s an expansion of the Sunshine Coast Airport happening, the Maroochydore
Town Centre redevelopment and the Kawana Hospital project and anywhere around there is proving really popular at the moment.
“Brisbane’s obviously been really popular recently, but over the last six months or so more and more people are realising what’s happening on the Sunshine Coast and that the area has a bit to offer.”
A report this week from Place Advisory put the region’s median house price at $480,000, but Young offered some words of caution to investors who might be attracted by that level of affordability.
“The Sunshine Coast is a big area and there a plenty of different areas across it. $480,000 might get you a house in Aroona, but it’s not going to get you one in somewhere like Bokarina, so you do need to know what you’re
“There are some areas that are more home buyer territory and then there are areas that are the investment ones. We try and educate people about that that, but to be honest most investors that are coming up here already have a pretty good idea of what are the best areas to buy in.”
While Young focuses on established properties, she did say that the area is seeing a number of house and land releases come on line, suggesting the area is becoming increasingly popular with homebuyers too.
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