A leading property expert has revealed the Sunshine Coast’s top suburbs for investment.
James Fitzgerald, who has bought, sold and developed more than 2000 properties, said there had never been a better time to buy an investment property in the region, with extremely low vacancy rates and demand for property at all-time highs.
Despite recent price rises, there were still good investment opportunities within suburbs which were in high demand with renters.
Mr Fitzgerald, who has launched his new book Bulletproof Investing on the Sunshine Coast, said his top three picks were Caloundra, Palmview and Birtinya.
“All three suburbs are affordable and have a lot of demand for property from growing populations,” he said.
“They will also benefit from key infrastructure spending over the next five to 10 years.”
He said Caloundra was an affordable suburb close to the beach which would benefit from infrastructure improvements.
“Plus, it is still considered close to Brisbane, so it is well placed for those who wish to continue working from home even once COVID lockdowns come to an end,” he said.
Palmview was close to the Sunshine Coast University and the new Maroochydore CBD and offered buyers a tree change lifestyle not far from the beach.
Houses in Palmview had been achieving high rental yields, which made it an appealing investment location.
“The median house price may have dropped in Palmview in the past year, but that has more to do with the introduction of new and affordable housing, and I expect increased demand for lifestyle properties in Palmview will start to drive prices up soon,” Mr Fitzgerald said.
Birtinya, the most expensive of the three suburbs, had a lot going for it, including access to the beach and the Sunshine Coast University Hospital.
It was also close to the Sunshine Coast Stadium at Kawana, which had been earmarked for an upgrade for the 2032 Olympics.
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All three suburbs have very low vacancy rates, well below the 3% rate that is considered to reflect a balanced market.
Mr Fitzgerald said with interest rates so low, the cost of borrowing money to buy property was half of what it was at this time last year and it wasn’t too late to invest on the Sunshine Coast.
“The Reserve Bank of Australia has already said it won’t increase interest rates again until 2024 at the earliest so it’s an ideal time to invest,” Mr Fitzgerald said.
“When I’m personally looking to build a portfolio of investments, I’m looking for a bit of cash flow and population growth.”
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At just 31, Mr Fitzgerald has transformed his personal finances during the past decade, from being tens of thousands of dollars in debt to owning a booming property and investment portfolio.
“I want to as many people as possible to be armed with the right information to help them navigate this global financial uncertainty we’re currently experiencing,” he said.
His top tip for those wishing to invest on the Sunshine Coast is to buy land.
“Land in fast-growing areas is the safest and best-performing asset you can invest in,” he said.
“Land is in finite supply and as the population grows so too will the value of your land.”
Mr Fitzgerald’s’ top three investment suburbs
- Caloundra: Median house price $625,000, year increase 17.92%, vacancy 0.6%.
- Palmview: Median house price $600,000, year increase -6.03%, vacancy 1.4%.
- Birtinya: Median house price $771,250, year increase 17.84%, vacancy 1.2%.
