Hotspots in South East Queensland residential property market
The residential housing market in South East Queensland has experienced stellar growth, with hotspots within the state popping up ahead of the Gold Coast Commonwealth Games, Stage 2 of Gold Coast Light Rail, and the refurbishment of Coomera Town Centre according to Choice Homes.
Areas such as Ipswich, Beaudesert and Logan are coming on strong, according to their latest Urban Appeal report.
Troy Knight, company director, Choice Homes, said the Ipswich market is warming up and there’s plenty of data to prove it.
“The city has one of the fastest growing populations in Australia, increasing by 700 percent in the last decade," he said
“The region is hugely popular with families due to its retail and family amenities, local employment opportunities and great educational and transport infrastructure.
“The Queensland Government has earmarked Ipswich and its surrounding suburbs as a major growth corridor.
“Private and government investment in the area, including the hotly anticipated $200 million upgrade of the Ipswich motorway, RAAF Amberley base, $190 million railway maintenance centre and $1 billion Ipswich CBD revitalisation program, is further driving demand.
“A vast array of new roads, transport links and accessible residential communities are starting an important new chapter in the development of Queensland’s fastest-growing city.
“These infrastructure initiatives, also a catalyst for job creation and commercial development, will add value to property in the surrounding areas.”
The report notes Beaudesert will continue to grow and attract more people in the area with low vacancy rates, affordable housing and easy access to the metropolitan areas of the Gold Coast and Brisbane.
It said local population is forecast by the Scenic Rim Council to triple by 2036 as the region emerges as a significant satellite of Brisbane and the Gold Coast, both less than an hour away.
“Much of the city’s growth is underpinned by the Bromelton State Development Area, a 15,000ha area less than 6km from Beaudesert,” the report said.
“Included in the SDA is the Bromelton State Industrial Park, an 1,800ha parcel that will deliver an estimated 18,000 new jobs to the region.”
Troy Knight said Logan, situated between Brisbane to the north and Gold Coast to the south, is ideally placed for continued growth due to its central geographical location and available young workforce.
“The Logan area is about to embark on a major growth phase due to land availability,” he said.
“Median rental yields are showing market momentum, with 6.3 percent returns for houses.
“High-level growth is a result of affordable properties with above-average rental yields, widespread transport links, a diverse mix of industries providing employment and a growing economy.
“Many of the city’s older suburbs have been revitalised through urban renewal projects, with a new emphasis on social elements – such as dining, entertainment, recreation and cultural diversity – rounding out the city’s new image.”
For more information from Choice Homes, click here.
