Best investment suburbs QLD 2024
With interest rates continuing to rise, the options for positive returns in residential properties in heavily populated city areas is becoming limited. As a result, more and more investors are looking outward to regional areas, with areas within North Queensland coming into the spotlight for an attractive outlook - affordable prices and high growth potential.
In this article, we’ll highlight some of the best investment suburbs and areas in North Queensland that are worth looking into for your next portfolio addition in 2024.
Investing in North Queensland
With low vacancy rates and high demand for quality housing, North Queensland’s property markets offer hard-to-resist value for investors, especially in the areas surrounding Cairns and Townsville. The best suburbs to invest in North QLD are found in developing communities on the fringe of Townsville and Cairns, as the planned upgrades of expansion continue, providing the perfect setting for young professionals, families, retirees, and more.
Harris Crossing
An attractive community development in the heart of Thuringowa, Harris Crossing is a natural haven for those looking for a serene suburban lifestyle surrounded by lush parklands and breezy open spaces. With house prices that are yet to break $500,000, Harris Crossing is a local gem worth investing in, as the area continues to benefit from surrounding infrastructure growth. Investors looking at Harris Crossing should move quickly as lots are limited — the community is aimed to host a total of 800 families.
Population: 3,989 (Bohle Plains), (ABS, 2021)
Attractions: Open parkland spaces with playgrounds, North Queensland’s first disc golf course.
Median House Price: $475,000 (+5.6% on June 2023)
Median House Rental: $540 per week (+10.2% on June 2023)
Cassowary Coast
The Cassowary Coast lies 90 km south of Cairns and is an alcove of paradise that offers a coastal lifestyle in a comfortable tropical climate. Gaining a reputation for being a popular tourist destination, the Cassowary Coast is a prime area for high-growth property at an approachable price. The recent 12-month growth rate of 12% for house prices is evident of the potential that investors can expect.
Population: 28,727
Attractions: Access to the Great Barrier Reef, Mission Beach, Cardwell Pump Track for biking enthusiasts.
Median House Price: $497,000
Median House Rental: $427 per week
Allendale
Allendale Estate is the newest community located in Alligator Creek, just 22 km from the Townsville CBD. Offering breathtaking mountain views and a natural environment, Allendale is an idyllic location that is popular among young families and older folks who want laid-back living with easy access to amenities. House prices start at $600,000, but the cost is well worth the potential investment value the area offers.
Population: 1,550 (Alligator Creek), (ABS, 2021)
Attractions: Bowling Green Bay National Park, Alligator Falls
Median House Price: $594,500 (+2.7% on June 2023)
Median House Rental Yield: 4.6%
Eden Park
Located at the base of Mount Kulburn, Eden Park Estate in Jensen features elevated park residential living with big block living and all the conveniences of a major city. As part of Townsville’s future growth corridor, Eden Park has a high potential for growth. Prices have started to cool since last year, but are expected to pick back up rapidly as the final blocks within the estate are taken up. Investors should move quickly to secure their spot in Eden Park.
Population: 1,797 (Jensen), (ABS, 2021)
Attractions: Castle Hill, Bushland Beach
Median House Price: $612,000 (-9.3% on June 2023)
Median House Rental Yield: 4.9%
White Rock
Located 10 km from the Cairns city centre, White Rock features easy living with a full suite of lifestyle amenities from medical facilities to schools. As an area with one of the fastest gentrification in Cairns, White Rock has been seeing a consistent upward trend in property price growth, with no signs of slowing. Property prices here are still relatively affordable at $460,000, but this is likely to change quickly as prices continue to rise.
Population: 4,918 (ABS, 2021)
Attractions: Tropical Sportfisher fishing charter, Cairns Golf Club, Cairns Regional Gallery
Median House Price: $465,000 (+7.1% on June 2023)
Median House Rental: $522 per week (+6.6% on June 2023)
Median Unit Price: $360,000 (+7.9% on June 2023)
Median Unit Rental: $480 per week (+12.9% on June 2023)
Invest in North Queensland with Maidment
With a strong track record in providing quality property development in North Queensland, Maidment Group is proud to offer lucrative investment options at Harris Crossing, Allendale, Eden Park, and Edmonton. These master-planned communities offer the best North Queensland living and present ideal investment opportunities for discerning investors.
Figures correct as of 4 June 2024.
