'Property is selling at prices that were around before Facebook existed': Investors urged to look north in Queensland
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Sep 27, 2019
'Property is selling at prices that were around before Facebook existed': Investors urged to look north in Queensland
Regional areas in Australia are keeping pace or, in some cases, leading the metropolitan property markets and the overall outlook for real estate continues to improve, according to RE/MAX
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RE/MAXRE/MAX Precision Bundaberg Principal Scott Mackey
There has never been a better time to invest in Queensland's regional property market, according to RE/MAX.
The state's Wide Bay region, which includes Fraser Island, Hervey Bay and Bundaberg, proved to be among country’s top-performing areas in the latest Quarterly Regional Market Update from property data specialists CoreLogic.
The research firm identified four Bundaberg suburbs as being some of the best-performing in Australia based on gross rental yield, with Kepnock (6.6 per cent) Thabeban (6.6 per cent), Avenell Heights (6.9 per cent) and Svensson Height (7.2 per cent) all rating highly.
RE/MAX Precision Bundaberg Principal Scott Mackey said the region's property market was "securely back in business" as the area firmed as a thriving regional hub with a diverse local economy and employment focus for investors.
“We have property listed right now that is offering investors yields of around 7.5 per cent," he said.
“Rents are still rising in our market, but vacancy rates are at record lows. Combine this with a slowdown of new stock construction and tough lending requirements for borrowers, we have strong demand for clean and maintained properties.
“With interest rates set to fall again and the buffer of loan rate to gross rental yield being 3 per cent in many cases, there’s possibly never been a better time to invest in a rental."
RE/MAX Real Estate Services owner and Cairns real estate identity, Tony Williamson. Source: RE/MAX
There is similar sentiment further north in Cairns, where RE/MAX has listed three homes in a row on Macnamara Street, representing a combined land package of 2022 square metres.
RE/MAX Real Estate Services owner and Cairns real estate identity, Tony Williamson said he couldn't understand why every investor in Australia wasn’t looking seriously at his region’s real estate market.
“We have three homes for the price of one average Sydney house," he said.
“Property is selling at prices that were around before Facebook existed.
"With the interest rates so low, investors should be fighting to buy in my market."
He suggests that prices won’t remain this low for long, with the Cairns market sure to rise on the back of moving markets in the southern cities of Mackay and Townsville.
“Our market is affordable and profitable," he said.
“There’s a property wave coming in Cairns and now is the time to get on it. A matter of months on, it may be too late."
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Scott Mackey
RE/MAX Precision Bundaberg Principal
