Where should you be looking to buy in Queensland?
Are you on the hunt for a new home? Well, if you are based in Queensland, then you might be in the best place you could possibly be.
Several recent reports paint a positive picture of the property market, particularly in some locations. So what do you need to know to ensure that your financial investment in property doesn't go amiss?
"Investors can buy ahead of price growth by finding locations where sales volumes are rising but prices have not yet moved."
Queensland leading the nation's property market growth
A recent report from NAB uncovered the house price expectations for the different states, finding a lot of promise in the east. From now until 2018, national house prices are expected to grow a modest 1 per cent nationally, however, Queensland will lead the pack with a 1.8 per cent increase forecast.
Earlier this year, The Price Predictor Index prepared by Ryder Research Resources announced that three precincts in the state were amongst the country's top 25 growth suburbs: Gold Coast's canal suburbs, Beenleigh and Logan City, and the wider region of Moreton Bay, which was named a "national growth star" in the report.
In fact, author of the report Terry Ryder stated that southeast Queensland's property market now has more growth suburbs than Melbourne, with 109 and 105 respectively.
"This means investors can buy ahead of price growth by finding locations where sales volumes are rising but prices have not yet moved," he said.
Where is the most competition in Queensland?
Leading national property website realestate.com.au trawled its own data in March this year to uncover which Queensland suburbs are the most watched. Holland Park and Holland Park West came out on top for homebuyers, with listings in these areas experiencing around 6.5 times the average interest for houses in the wider-Queensland region. However, while settling here may be part of your Aussie dream, chances are that it won't be easy, suggests Executive General Manager of the company Andrew Rechtman.
"If you own a property [in Holland Park or Holland Park West] and are considering selling, now is a great time to list on the market," he said.
"On the flip side, if you're looking to buy a property, these are the suburbs where you may face hot competition."
Furthermore, the recent NAB housing report revealed that, over the three months to June, a third of Australians investing in the property market were new home buyers. Often with little upfront capital under their belt, such buyers are often seen as second best to more secure buyers. So if you are looking for a house to buy in Queensland and want to make sure your investment matures in the near future, then check out the other growth suburbs in Queensland that aren't so competitive. On the other hand, avoid those that are set to decline too, for these areas are probably not idea for a long-term investment like a house.
What's hot and what's not in Queensland?
Presented in alphabetical order, here's the what's hot and what's not of Queensland suburbs, according to the Price Predictor Index findings from Ryder Research Resources:
|Growing suburbs in Queensland||Declining suburbs in Queensland|
Getting the right financial backing for your property
If you're on the hunt for a house or bach in Queensland, then you may very well be after a mortgage as well. Particularly if you are looking in the Whitsundays, Eclipse Financial Services is here to help you. As a trusted mortgage broker, we can help you construct the right mortgage strategy for your residential or commercial property investment needs. For more information, get in touch with Eclipse today or watch the short introductory video below.