North is hot for property
QUEENSLAND has four of the top 10 locations tipped for strong residential property price growth this year.
The latest Hotspotting report on the 10 best locations for future capital growth names Brisbane’s northern suburbs, Redcliffe, Cairns and the Sunshine Coast as worthwhile areas to invest in.
Report author Terry Ryder said areas with strong population growth and infrastructure development were the ones to watch.
Mr Ryder tipped Brisbane’s northside as a strong performer as it included a mix of affordable suburbs and middle-market suburbs.
He said the northern suburbs of Brisbane, between 8-21km from the city, were “leading the revival’’ of markets across the Brisbane metropolitan area.
The area included suburbs such as Aspley, Brighton, Carseldine, Chermside, Clayfield, Everton Park and Nundah.
Mr Ryder said the area had good transport links, was close to major job nodes and the airport and sea port.
“There are several locations throughout Brisbane northside which offer affordable houses priced at less than $400,000,’’ the report said.
“Deagon, Strathpine, Taigum and Zillmere fall into this category.’’
Cairns, which has been tipped by Mr Ryder to have good capital growth previously, remained high on his list.
He said the area was making an “economic comeback’’ which would result in spin-offs for the property market.
“Having been hit hard by the global financial crisis, which reduced overseas tourist numbers on which the Cairns economy largely depends, Cairns has recently shown signs of economic revival,” he said.
Redcliffe in the Moreton Bay region is also on the top 10 list.
Mr Ryder said that with the long-promised rail connection now closer to happening, the property market on the Redcliffe Peninsula should feel the benefits.
He said the area still had affordable properties and a laidback atmosphere of a bayside village.
“Most of the suburbs on the Peninsula have a long-term growth average of 3 per cent to 4 per cent per year for houses, which is below par for the Brisbane metropolitan area, but expected to improve in coming years,” he said.
“There are good opportunities to buy well in the Peninsula apartment markets following recent reductions in median prices.’’
Mr Ryder predicted the Sunshine Coast was also poised to return to growth for the first time in six years.
“The market is being helped by multiple factors,’’ he said.
“The tourism industry is stronger, the market is more balanced in terms of supplydemand, price decline has made property more affordable, apartments are increasing in popularity with both homebuyers and investors.
“A significant upturn in the number of home sales in 2013 points to solid price in the near future, as does the tight rental market throughout the coastal strip.’’
Glenn Blake has recently bought in Scarborough in the beneficial Redcliffe Peninsula area.