Coast a better bet than Sydney

PROPERTY powerhouse John McGrath says there’s only one place in all of Australasia to be buying real estate right now – southeast Queensland.

The founder and CEO of McGrath Estate Agents – who has 64 offices across Australia – also thinks Sydney’s housing boom has almost run its course.

“You can right now lock in the cheapest money you have ever been able to borrow. I am telling my clients to buy on the Gold Coast or in Brisbane,” he said during AREC, the second biggest real estate conference in the world, being held on the Gold Coast.

“Southeast Queensland is my top pick of everywhere to buy in Australasia at the moment.

“Sydney has experienced 40 per cent growth in the last few years and I hope it’s almost topped out or else we are all going to have issues.

“You can live a multi-millionaire’s lifestyle on the Gold Coast without being a multi-millionaire. You can walk, go for a swim at the beach and go to any number of restaurants.

“For us, I see the golden triangle out to Toowoomba, up to the Sunshine Coast and down to the Gold Coast.

“You can buy a unit or a house on a Gold Coast canal for $700,000, which is the same as people are paying to buy a one-bedroom unit in Sydney. And people are lining up to pay those prices in Sydney but you can get 400sq m on a canal in Queensland, and some change.

“There’s great opportunities on the Gold Coast, and there’s a lot of discretionary income.

“People are more confident than ever, the economy is going well – even though unemployment is ticking up and higher than we’d like to see – but most people see light at the end of the tunnel.”

Mr McGrath (pictured), who started his real estate group in Sydney 32 years ago, said it was possible for “everyone in this country to build substantial wealth through property, especially in a low-interest-rate environment”.

“Our company hasn’t made it yet but I know that I am living my own personal definition of success and I believe property should be a part of any portfolio,” he said.