South-East Queensland, home to Brisbane, the Gold Coast and the Sunshine Coast, is one of Australia’s fastest growing regions. Its rapid population growth means that an estimated a 280,000 homes will be needed to cater to its influx of new residents over the next 10 years.
Why do people continue to relocate to South-East Queensland? And why are property investors taking a close look at the area as a good place to invest? In this post, we’ll profile the area to help you decide if investing in South-East Queensland property is a good fit for you.
In 2016, more than 3.2 million people lived in South East Queensland. With an average household size of 2.59, these residents occupied more than 1.3 million dwellings. Most of the population lives along the coast in heavily urbanised areas. In fact, 90% of South-East Queensland residents live in just three cities: Brisbane, Gold Coast and the Sunshine Coast.
To the west of the urbanised city centres, South-East Queensland consists of mostly rural landscapes. Several World Heritage listed rainforests are located in the region, including Main Range National Park and Lamington National Park.
Because of severe droughts, the Government of Queensland had imposed water restrictions on the area, but all restrictions were lifted at the beginning of 2013 as the droughts ended. Conservation projects help to protect the area’s treasured natural beauty.
s of 2016, 55% of South-East Queensland residents had completed Year 12 schooling, and most working adults are employed in professional occupations. Only 17% of South East Queensland households have children under the age of 15.
Most people in the area (59%) purchase their own homes. Nearly 29% rent their dwellings, and 3% live in social housing. South-East Queensland residents have a wide array of housing options to choose from.
Investors are generally interested in the local economy in which they plan to invest, and the South-East Queensland economy continues to have solid momentum. The aforementioned infrastructure projects have brought many new jobs to the area.
The official unemployment rates sits at 6.0 per cent, and the area continues to lead the nation in retail sales.Building approvals for units have been returning to normal after several years of higher-than-normal figures.
In January 2017, a research study dubbed South East Queensland one of the country’s best places for property investment. More specifically, the study named three areas as the picks of the crop: Gold Coast, Sunshine Coast and Moreton Bay.
The study lists several reasons for the area’s investment potential. These reasons include affordable housing, family liveability, population growth and massive infrastructure spending. Tourism is also strong in the area, spurred on by multi-million dollar projects in the Gold Coast like the airport expansion and a large casino project.
All of these factors work together to create a great place for investors to explore. Even if you don’t live in South-East Queensland, you may want to take a look at the investment opportunities available in the area.
Reach out to us at Full Financial Services for more information about property investing. We’re here to help you to reach your goals.