2 must-watch Queensland areas set for future growth
There’s no denying the popularity of Brisbane and coastal areas in Queensland, but what about inland? We find two areas that investors should be watching carefully over the next few years.
There is a large attraction to Queensland’s coastal areas, but there are still inland areas to consider. Simon Pressley from Propertyology warns they may be considered risky for now, but there is potential for massive growth.
“[There is] greater risk, but if you're buying, say, a three-bedroom house for $200,000 or $250,000, you're putting less skin in the game as well, so it can balance itself out,” Mr Pressley said to Smart Property Investment.
Mount Isa was one area that Mr Pressley picked out as an area that has struggled in recent years and may not see much movement in the near future, but there is a chance the local economy could rise and be a burgeoning hotspot down the track.
“It might have a few flat years ahead, but Mount Isa's not coal or iron ore, the more common mining products, it's things like zinc and lots of metals, and the outlook from those who are in the mining sector say [it] is really good,” he said.
“You could probably pick up a three-bedroom house for, I would guess around $300,000 for a place like Mount Isa.
“The yields are still solid and it's probably unlikely to experience any great growth in the next couple of years, but for someone who wants to diversify their portfolio a little bit, it is a bit speculative, but there are places like Mount Isa.”
There is also Toowoomba to consider, which Mr Pressley claims is the second-largest inland city in Australia.
He said the area features a strong reliance on coal and gas seam mining, as the area is seen as a gateway to mines located further inland.
“When the mining sector improves, Toowoomba's property market usually benefits from it, and a lot of people would suggest that the outlook for mining is certainly much better in the next five years than what it was the last five years,” Mr Pressley said.
If these areas do not suit investor’s needs, the regional areas of Queensland in general should be strongly considered, with the majority of the state living outside the capital city.
“Queensland's spoiled for regional locations. It's the most decentralised state in Australia. Only 48 per cent of the Queensland population live in Brisbane, so more live in regional Queensland than the capital, but they’re spread up and down the coast, Mr Pressley said.
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