Tourism hotspots popping up, but look beyond the traditional options: Simon Pressley

Tourism hotspots popping up, but look beyond the traditional options: Simon Pressley
Tourism hotspots popping up, but look beyond the traditional options: Simon Pressley

I’ve been saying all year that the massive spikes in visitor numbers from Asia’s rising middle class will create tourism hotspots for property investors in states such as Queensland.

Places like the Sunshine Coast, Rockhampton, and Cairns are the obvious choices, and we’re seeing considerable improvement in confidence in these markets.

Even Australia’s property investment ugly duckling, the Gold Coast, has a much healthier market outlook now compared to twelve months ago. Although I still suggest exercise caution before jumping in to the Gold Coast.

But despite the strong predicted growth in tourism, I advise property investors to look beyond the traditional tourism locations to places that offer growth drivers across a wide range of industries.

Queensland will increasingly become more and more popular for international students. Between 2010 and 2030 a massive 2.5 billion extra people will enter Asia’s middle class. They will want to travel to quality tourist destinations, and pay for their children to study. Queensland has world-class universities, a safe environment, affordable lifestyle, and a relatively short direct flight from home.

Brisbane’s benefit from tourism is not to be under-estimated. It is already the third most visited Australian city by international tourists. I am tipping that James Packer will be successful in his attempts to gain a second casino license to attract the Asian high-rollers. I think the state government is on the money with their concept plan to convert the CBD Northbank site in to an entertainment precinct on par with Melbourne’s Crown casino precinct.

We purchased very few investment properties in Brisbane for our clients over the last few years but we have recently become quite active here again.

In spite of its controversy, Clive Palmer’s proposal for a unique tourism experience involving dinosaur theme park, hovercrafts, aquarium, and convention centre is exactly the type of thing which the Sunshine Coast needs. My appetite for the Sunshine Coast’s property market is warming.

We’re presently negotiating some great deals for our clients in several locations in Queensland and throughout Australia with some really strong growth drivers. Tourism is the obvious one because it really will go off.


Simon Pressley is Managing Director of Propertyology, a full-time property market analyst, accredited property investment adviser, and the 2012 and 2013 REIA / REIQ Buyer’s Agent of the Year.

 


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