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These are the suburbs where foreign buyers really want to own Queensland homes

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These are the suburbs where foreign buyers really want to own Queensland homes

It’s not hard to see why so many overseas buyers were keen on Surfers Paradise. Picture: Nigel HalletSource:News Corp Australia

THESE are the suburbs where foreign buyers are most keen to own a slice of Queensland

OVERSEAS based buyers are keen on securing properties in Surfers Paradise more than any other part of Queensland.

New analysis of where foreign buyers search for properties in Queensland is dominated by beachside suburbs and those close to universities.

And while many think that China-based buyers are the group buying up big in our market, it is actually potential buyers from New Zealand who are searching in Queensland more than those from any other country.

In the past six months, there were 29,494 overseas-based buyers who searched for properties in Surfers Paradise on realestate.com.au.

Noosa was also a popular search location for buyers based overseas. Picture: Lachie Millard

Noosa was also a popular search location for buyers based overseas. Picture: Lachie MillardSource:News Corp Australia

The second most popular area was Noosa, which chalked up 19,687 searches followed by Broadbeach with 18,751.

St Lucia, home to the University of Queensland, was the most searched Brisbane suburb with 18,199 searches by overseas buyers in the past six months.

REA Group chief economist Nerida Conisbee said while holiday hot spots were popular, Queensland’s universities had earned a strong reputation and many overseas parents wanted their children to do their study here.

As a result plenty were searching suburbs including St Lucia and Indooroopilly for places for their children to live while they studied.

Ms Conisbee said buying close to good universities was a key criteria for potential buyers from China and Singapore.

“They are very education focused,’’ she said, “while the rest of the world is all looking for Queensland beach suburbs.’’

Ms Conisbee said New Zealanders were particularly keen on searching in beach suburbs and didn’t restrict themselves to the southeast corner.

She said the restrictions on Chinese buyers moving money out of the country had, had an impact on how many were looking at property in Australia, although Queensland had not felt the downturn as much as other states.

Being close to major universities such as the University of Queensland was important to overseas buyers.

Being close to major universities such as the University of Queensland was important to overseas buyers.Source:Supplied

“We have seen a drop off of about 25 per cent nationally,’’ she said.

“What is interesting though is Queensland has been the least affected. In Sydney it dropped about 44 per cent, in southeast Queensland it only dropped off around 10 per cent.

“I don’t know why, maybe Sydney is now considered too expensive, Queensland has been pretty affordable.’’

Ray White Surfers Paradise CEO Andrew Bell was not surprised Surfers Paradise was on the radar of overseas buyer.

He said it had the highest profile of any suburb on the Gold Coast and it was a natural magnet for many overseas tourists.

“I would suggest that when we consider buying it is natural to want to be as close to or part of all of those significant lifestyle choices that happen in central locations,’’ he said.

Mr Bell said it also had a wide variety of property types and price ranges so was appealing to a broad cross section of buyers.

He said there were a lot of new buildings under development at Surfers Paradise which meant it was the easiest buying option for foreign buyers.

Not only because it was easier to get foreign investment approval, but because it could be safely locked up and left when they weren’t in the country

“Most of our foreign purchasers are people who do not move here permanently but simply choose to have a holiday home here,’’ he said.

John Newlands of Professionals Surfers Paradise said the area had all the amenity international travellers and buyers were looking for.

From restaurants and high end hotels to the casino and golf courses plus high end international retailers.

Mr Newlands agreed it was mainly investors and holiday makers buying at Surfers Paradise with not so many overseas based buyers making a permanent move there.

Under Australian legislation foreign persons need to apply for foreign investment approval before buying residential real estate in Australia.

It is generally for newly built properties with an aim of their investment helping to create construction industry jobs.

Since May last year any foreign owner who leaves their property unoccupied for more than six months within a year will be charged an annual vacancy charge.

While foreign buyers are generally not allowed to buy existing properties in Australia those who are temporary residents and need a place to live can purchase as long as they sell the property when they leave Australia.

Temporary residents cannot buy established properties to rent out or for use as a holiday home.

SUBURBS MOST SEARCHED BY FOREIGN BUYERS

Surfers Paradise – 29,494

Noosa Heads – 19,687

Broadbeach – 18,751

St Lucia – 18,199

Southport – 18,134

Mooloolaba – 16,092

Burleigh Heads – 14,765

Indooroopilly – 14,142

Robina – 12,921

New Farm – 12,668

COUNTRY OF ORIGIN

New Zealand

United Kingdom

United States

Hong Kong

Philippines

Canada

Singapore

Japan

China

South Africa

Source: realestate.com.au

Originally published: brisbaneinvestor.com.au

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Tiny unrenovated beach shack makes owners $1m profit in two years

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Tiny unrenovated beach shack makes owners $1m profit in two years

Riding the waves of the Gold Coast’s current buoyant property market, a classic two-bedroom beach house has just sold for an eyewatering $3.25m on the sandy shores of Palm Beach – making its former owners a princely $1m profit in just two short years.

While the retro property might not be much to look at, it’s not the beach shack itself that has drawn such a huge investment from its new owner, it’s the prime location of the listing…

Source: homes.nine.com.au

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Interstate migrants are moving to QLD … but they’re not coming to Brisbane

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Interstate migrants are moving to QLD

Less than 5 per cent of interstate migrants during the 2016-2017 financial year settled in Brisbane, according to data from the ABS. Photo: Glenn Hunt

Interstate migration to Queensland is booming but analysis shows most new residents are bypassing Brisbane for other regions in the Sunshine State.

Buyers’ agency Propertyology analysed ABS data, which showed there were 17,246 internal migrations to Queensland in 2016-17. But out of those, only 846 relocated to Brisbane, which equates to less than 5 per cent.

Propertyology managing director Simon Pressley said the lion’s share went to the Gold Coast, Sunshine Coast, Moreton Bay, Cairns, Ipswich and the Scenic Rim.

Interstate migrants are moving to QLD

Interstate migration to Queensland is strong but ABS figures reveal most of the new residents are relocating to regions outside of Brisbane, such as the Gold Coast.

“We’ve read a lot about interstate migration to Queensland lately and it’s been growing each year, which is great,” he said.

“The thing is, people automatically think Queensland means Brisbane but when you actually look closely at the numbers, they tell a very different story.”

As a proportion of total population growth over 2016-17, the biggest beneficiaries of interstate migration were Tasmania (22.5 per cent) and Queensland (21.9 per cent).

Interstate migrants are moving to QLD

The Sunshine Coast has had an influx of interstate migrants. Photo: Mike Swaine

House prices in the regions with the most internal migrations have mainly increased — house prices on the Sunshine and Gold Coasts have increased by 7.9 per cent and 3.3 per cent respectively over the past 12 months — although Mr Pressley said the correlation between population growth and house price growth was often overstated.

“I know logically it makes sense — if an area has a big surge in population, house prices should go up — but there’s much more to it than that,” he said.

“Jobs growth is a lot more important than population growth, so is wage growth, [and] affordability is also extremely important.”

Interstate migrants are moving to QLD

Moreton Bay’s affordable property prices and relaxed bayside lifestyle are drawing new residents from interstate. Photo: Ray White Redcliffe

REIQ Gold Coast zone chair Andrew Henderson said each of those factors was connected and all had contributed to the Gold Coast’s house price success in recent years.

“Our local economy is strong but it’s also changed. We’re no longer solely reliant on the tourism industry. The diversity of our job offering has changed,” he said.

“With new infrastructure like universities and hospitals, we’ve got people moving here from interstate into jobs who would have never been able to move here 10, 20 years ago.

“So the age of the people we’ve got moving here has also changed. We’ve always had a lot of retirees but we’ve noticed a surge in people in their 20s, 30s and 40s – people moving their whole families up here. Around Mermaid Waters and Clear Island Waters there’s a really strong southern presence.”

Andrew Campbell of Ray White Redcliffe said the influx of interstate migrants buying up locally in the Moreton Bay region had become apparent more recently.

“We noticed a dip in the interstaters for a while but recently they’ve started to come back and it’s about affordability. All the properties around that median price are really moving so quickly,” he said.

Domain Group figures show the median house price in Moreton Bay is $456,000.

“There’s a lot of first-home buyers who fly up here for the weekend from Sydney. They know they can’t afford to buy there so they’re moving here because they see you can buy a house for under $500,000, get the lifestyle and still only have to drive 40 minutes to work in Brisbane,” Mr Campbell said.

But Mr Pressley said interstate migrants were being “pushed” to Queensland, rather “pulled” as they were during the mining boom.

“People have always wanted to come to Queensland because of the good lifestyle, weather and affordable housing,” he said.

“In the past they came for those things but also because we created more jobs year after year than everyone else. Now, we’re not dragging here through job growth, they’re coming here by default.

“To me, that’s why interstate migration hasn’t translated into property prices yet … and that’s why only minimal people have gone to Brisbane.

“I anticipate that in the next 12 months we’re going to see another really strong year of interstate migration into Queensland; if our economy improves, then it could translate to property prices for Brisbane and all over Queensland. Overall though, this is a good news story for Queensland and Brisbane as well. It’s looking positive.”

Source: www.domain.com.au

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Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

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Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

Andrew Galloway is selling his investment property in Loganlea, which has been identified as one of Queensland’s most affordable growth suburbs. Image: AAP/John Gass.Source:News Limited

THESE are the best performing cheapie suburbs in Queensland. Find out which areas buyers on a budget should be targeting.

QUEENSLAND’S best growth suburbs for buyers on a budget are in lifestyle locations and affordable hot spots in Brisbane’s backyard, a new report has revealed.

For an investment property under $500,000 and with good capital growth prospects, look no further than Palm Beach on the Gold Coast, Noosaville on the Sunshine Coast and Loganlea, south of Brisbane, where values have increased by up to 20 per cent in 12 months.

The Top Affordable Suburbs Report, released by researcher CoreLogic, identifies suburbs where property values are below half a million dollars and have shown strong capital growth.

These suburbs are good targets for entry-level buyers, offering affordable real estate, improving infrastructure and strong track records that suggest ongoing strength.

Palm Beach holds the number one spot as the most affordable for capital growth in the state, according to the report.

Unit values in the beachside enclave have jumped 20.2 per cent in the past 12 months and more than 52 per cent in five years to a $471,758 median.

But you can still snap up a two-bedroom apartment a few streets back from the beach there for $379,000.

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

This two-bedroom apartment at 3/2 Brooke Ave, Palm Beach, is for sale for $379,000.Source:Supplied

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

This two-bedroom apartment at 3/2 Brooke Ave, Palm Beach, is for sale for $379,000.Source:Supplied

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

Inside the apartment at 3/2 Brooke Ave, Palm Beach.Source:Supplied

After Palm Beach, the second most affordable growth suburb in the state is Noosaville on the Sunshine Coast, where unit values have gained more than 14 per cent in the past year to reach $486,468.

Alexandra Headland is also in the top 10 list compiled by CoreLogic, with units in the beachside suburb increasing in value by more than 12 per cent in a year.

But you can still get a two-bedroom unit with ocean views in the suburb for $429,000.

GOLD MINE FOUND IN BRISBANE BACKYARD

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

This two-bedroom unit in Camfield St, Alexandra Headland, is available for $429,000.Source:Supplied

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

This Alexandra Headland apartment is for sale for $429,000.Source:Supplied

CoreLogic senior research analyst Cameron Kusher said first home buyers were still active in Queensland and the more affordable end of the market was not facing the same pressures as the more expensive suburbs, which explained why suburbs like Loganlea, Ripley and Jimboomba were performing well.

“We are finding the lower end of the housing market is the higher value stock — even in Brisbane,” he said.

“We might not see the same gains over the next 12 months or three years, but there’s still going to be demand in these affordable markets.”

The latest CoreLogic home value figures reveal a strengthening of affordable and lifestyle locations, particularly on the Sunshine Coast, which recorded a 5.5 per cent increase in home values in the past financial year.

HOME FIT FOR HARRY AND MEGHAN

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

Waterfront properties at Witta Circle in Noosa Heads on the Sunshine Coast.Source:News Corp Australia

Mr Kusher said the Gold Coast housing market was starting to cool off, but demand was still strong for the Sunshine Coast.

“These people from Sydney and Melbourne who want to buy a holiday property are looking at these areas and seeing pretty good value,” Mr Kusher said.

“I think that’s where the buyers are coming from.”

In Loganlea, about 25km south of Brisbane, house values have increased more than 14 per cent in the past year to a still very affordable $391,469.

Andrew Galloway is selling his investment property, which is on the market for just $339,000.

The four-bedroom, two-bathroom brick house at 10 Starling St, Loganlea, has been returning about $345 a week in rent.

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

This four-bedroom house at 10 Starling St, Loganlea, is on the market for just $339,000.Source:Supplied

Where to invest: Palm Beach, Noosaville, Loganlea among QLD’s most affordable growth suburbs

Inside the house at 10 Starling St, Loganlea.Source:Supplied

Mr Galloway said the property had recorded solid capital growth in the past 11 years he had owned it and he had decided to take advantage of that.

“I think it’s achieved the capital gain it’s going to achieve in the time frame I’m going to have it,” he said.

Mr Galloway said he had noticed gentrification in and around the street in the past decade, which had made it more appealing.

Selling agent Pamela Anemaat of Raine & Horne Beenleigh said there had been an increase in large blocks in the suburb being subdivided by developers offering house and land packages, which had helped generate interest, particularly from first home buyers.

Mrs Anemaat said Loganlea was also popular suburb for investors because it was a high rental area and still so affordable.

“It is a feast for southern buyers, and they are moving up here and purchasing up here because they just can’t afford to buy a new home down there,” she said.

QLD’S 10 BEST PERFORMING AFFORDABLE SUBURBS

Suburb Property type Median value Value change Value change

12 mths 5 yrs

1. Palm Beach Units $471,758 20.2% 52.2%

2. Noosaville Units $486,468 14.4% 36.9%

3. Loganlea Houses $391,469 14.3% 43.8%

4. Mudgeeraba Units $399,637 13% 37.8%

5. Alexandra Headland Units $397,297 12% 36.6%

6. Ningi Houses $458,469 9.2% 11%

7. Jimboomba Houses $494,933 9.1% 22.1%

8. Ripley Houses $391,736 8.7% 23.9%

9. Elanora Units $372,760 8.6% 29.7%

10. Narangba Houses $493,418 8.3% 26.9%

(Source: CoreLogic, based on data to March 2018)

Source: brisbaneinvestor.com.au

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