SOUTHEAST Queensland’s property market offers a “golden triangle of opportunity”, with the region tipped to have the best capital growth in the country.
That is according to the latest McGrath Report, which says the region – which includes from the Gold Coast to the Sunshine Coast, Brisbane and west to Toowoomba – also offers the most desirable lifestyle in Australia.
McGrath executive chairman John McGrath has predicted that Annerley, Grange and Springfield Lakes will be the next Brisbane suburbs to watch, while Maroochydore on the Sunshine Coast and Pimpama on the Gold Coast were his regional picks.
“Economic growth and jobs are closely tied to every property market’s performance and Queensland has suffered in the shadow of the mining downturn,” the report said.
“But boosted tourism, surging gas exports and the strongest annual growth in jobs in more than a decade are combining for a comeback.
“Liveability, affordability, scale and future economic prospects all suggest that Brisbane is a market in which you can confidently invest.”
The report noted that the Gold Coast and Sunshine Coast were now more expensive than the capital, with median house prices of $650,000 and $589,000 respectively compared to Brisbane at $536,000.80
“This might be a sign of the future with a huge wave of downsizing due to unfold over the next two decades across Australia,” the report said. “Queensland’s best seachange locations, such as the Gold Coast and Noosa have long been favourite destinations amongst downsizers looking for a more relaxed life.”
In Brisbane, Mr McGrath said Grange was becoming increasingly popular with families due to its proximity to schools and the city, relative affordability and bigger blocks.
Annerley is also tipped for growth, with Mr McGrath saying it had been “under the radar until now”.
He said the suburb was surrounded by affluent suburbs but was significantly more affordable.
Another one to watch is Springfield Lakes, a growing masterplanned community that is poised to benefit from a proposed passenger rail line extension.
“While affordability is part of Queensland’s attraction, massive growth in Sydney and Melbourne property prices over a prolonged period means southern migrants can afford to buy wherever they like,” the report said.
“Within Brisbane, southern migrants and local upgraders are favouring premium property in blue chip inner ring areas close to the CBD and/or river.
“This has led to above average growth in desirable neighbourhoods like Hamilton (median house price up 38.5 per cent to $1.565 million), Paddington (up 15per cent to $1.15 million), Bulimba (up 11.3 per cent to $1.307 million) and Auchenflower (up 9.5 per cent to $1.095 million).”