Queensland Real Estate Investment – Is This The Time?Has the time come to take a second look at the fire sale property market in Queensland? Well I’m not sure but I think it might be time to check out a bargain, particularly if you are looking to live in a modern Queensland apartment for at least the next 10 years – and here’s why I say that.The fire sales are coming quick and fast in the sunshine state according to The Australian“In the past 12 weeks, more than 72 apartments and houses in new Gold Coast projects have been offloaded by receivers.”There have also been 20 apartments sold in Townsville and over 1000 properties in the small Far North Queensland town of Port Douglas.
You haven’t missed the boat though as there are still another 500 properties which are already in the bank’s hands are need to be sold off before the end of the year.
Several high profile developers including Tom Hedley have gone into receivership. Hedley’s companies alone has seen 400 properties being up for mortgagee sale as the receivers try to cover the company’s outstanding debt. Townsville property market
So what does all this mean to someone who may have looked longingly at an expensive apartment but couldn’t afford the million dollar plus price point? Well it means look again, to be honest.
New holiday units in Port Douglas are going for discounts of $100,000 plus.
The seriously luxurious Llana Aqua project on the Gold Coast’s Hope Island have been selling for less than half their $1.4 million asking price.
Some commentators are saying that this is your best buying opportunity in Queensland’s high-end apartment market since 2004. I must admit that I tend to agree with them and it all goes back to the fundamental of all real estate: supply and demand.
For years in the hot spots of Queensland there has been development after development – lets face it parts of the Gold Coast could be straight out of Miami! There was lots and lots of supply but the demand kept up for a while – now that the demand has dropped the over-supply has made this the ultimate buyer’s market.
The market will be back though – Port Douglas and the Gold Coast, although at opposite ends of the huge state, share several things in common: excellent weather, tourism and retirees. The weather isn’t likely to change much (lets not do climate change here OK), and the tourists will be back, particularly from the nearby Asian countries who are starting to recover faster than expected from the global financial crises.
The retiree market has always driven Queensland’s property market though – particularly the accessible Gold Coast’s. Australia’s population is aging, and with Australia looking as it will avoid the rest of the world’s recession, it looks like there will still be many from the southern states and New Zealand looking to offer that ultimate Queensland lifestyle – sunshine! If you want a piece of the action I would seriously look at real estate investment in Queensland apartments in 2009.
Remember someone else’s mortgage distress can be your opportunity.