Why the QLD Property Market is in Growth Mode
Ask almost anyone thinking of buying a house, and they’ll probably tell you it’s almost impossible to enter the property market. Fortunately, though, the Queensland property market is undergoing a resurgence and buying your dream home in the Sunshine State has never been easier.
Here are the top five reasons to invest in the lucrative Queensland property market.
Population Growth – During 2014-2015, net interstate migration to Queensland was higher than the previous year, increasing from 5,750 persons in 2013-2014 to 6,420 persons in 2015-2016.
The new infrastructure and developments required to accommodate this population growth will also attract a larger skilled workforce to Queensland. So, it’s highly likely interstate migration will continue to rise.
New Infrastructure
Queensland is in the middle of an infrastructure boom. Some of the most exciting upcoming developments include:
88 warehouse-style apartments, complete with a café, rooftop terrace and podium garden at Brooklyn in Varsity Lakes.
*A 35-level, 219-unit beachfront complex at Broadbeach. This complex features a pool, zen garden, gym, and lounge. One-bedrooms are priced from $330,000, and two-bedrooms are priced from $550,000.
*The BlueSky’s Duke at Kangaroo Point features 135 apartments on 16 levels, with views of Gabba Stadium and two private rooftop clubs. One-bedrooms are available from $375,000, two-bedrooms from $470,000 and three-bedrooms from $790,000.
Record Low-Interest Rates
In August 2016, interest rates were cut by 25 basis points, reducing them to a mere 1.5 per cent – the lowest rate Australia has seen in years.
It has also been predicted that interest rates will decrease even more before creeping up again. This means taking on a mortgage today is far more appealing, due to dramatically reduced repayments over the life of the loan.
Tourism Boom
Next year, the eyes of the world will be firmly fixed on Queensland’s Gold Coast, for the Commonwealth Games. This momentous event will encourage tourists to make the Sunshine State their permanent home. Also, the weakening Australian dollar is making the Queensland property market more attractive than ever before.
Very Affordable
Whether you want to buy a property, house or unit, Queensland is by far the best value for money. In Brisbane for example, the median property price sits at $479,000, the median house price is $515,000, and the median unit price is $390,000. By contrast, Sydney’s median property price is $780,000, and Melbourne’s sits at $576,000.
And, as an added bonus, it’s still possible to buy reasonably priced properties within five kilometers of Brisbane CBD.
If you’re ready to climb the property ladder in Queensland, simply call or email No Deposit First Homes today. Our highly experienced team will help you realise your property dream.