Population growth good news for regional property markets

The latest data from the Australian Bureau of Statistics (ABS) shows that the number of people living outside capital cities increased by 83,200 (1.0%).

“Growth centres such as Bathurst, Wagga, and Tamworth in NSW, Queensland’s Gold Coast, Sunshine Coast, Townsville, and Toowoomba, for example, offer real estate prices that are significantly below the capital city medians, while rental returns are often stronger too,” said Angus Raine, Executive Chairman, Raine & Horne.

“These robust population and services hubs appeal to owner-occupiers and investors who are prepared to look further afield, because of quality schools and hospitals, employment, diverse economies, and a comfortable way of life,” said Angus.

The ABS found that Pimpama, a suburb on Queensland’s Gold Coast, was both the largest and fastest-growing regional area in Australia up by 3,700 people, or 29% in the year ending June 2018. More significantly, Pimpama is also in the top five for largest and fastest growth of all Australian suburbs.

Jason Read, Principal of Raine & Horne Coomera, said Pimpama’s affordability, property choice, and coastal lifestyle are central to the suburb’s real estate appeal. “There are older-style houses available in Pimpama from the low $300,000s, which will appeal to entry-level buyers,” Jason said. “At the other end of the spectrum, it’s also possible to secure million-dollar properties around the Gainsborough Greens Golf Club.” 

A sure-fire sign that Pimpama is a real estate hotspot noted Jason, is the development of several suburban shopping centres. These centres include Pimpama Junction, which has Woolworths as its primary anchor tenant and Pimpama City, anchored by Coles and Aldi.

In addition to the expanding retail infrastructure, more schools are being built. The latest being St Joseph’s College Coomera, which also services Pimpama. “In combination, more schools and shopping centres are important investments in an area that in the past has had limited facilities.”

The location of Pimpama is also another appealing factor for home buyers. “As Pimpama is on the northside of the Gold Coast is well-positioned for locals commuting to Brisbane for work,” Jason explained.

Apart from houses, Pimpama has a growing apartment market. “Many local farms have been redeveloped for townhouse complexes,” said Jason. To illustrate, Raine & Horne Coomera is marketing a low-maintenance modern two-bedroom, double storey house at 12 William Boulevard, Pimpama for $339,000. “This property has been built on a location that just four years ago was used for farming.”

Some of the new Pimpama residents are downsizers moving from Brisbane, Logan, and Shailer Park. Jason explained, “They are moving out of 30-40-year-old homes and shifting to a newer home in Pimpama and pocketing some equity.”

For more information about the Pimpama, Coomera and the northern Gold Coast markets, contact Raine & Horne Coomera on 07 5630.