Gympie one of top-five towns for growth prospects
THERE are plenty of cheap properties to be found in Queensland's regional towns, but Gympie has the best price growth prospects.
Gympie has been identified as one of Australia's top five, regional "Cheapies with Prospects'' towns, Realestate.com.au reports.
The latest Hotspotting report also named Ballarat, Launceston, Wagga Wagga and Port Augusta as having the strongest potential for regional property price growth.
Report author Terry Ryder said regional Australia was full of locations with growth prospects and solid properties in the $200,000s or $300,000s, some with prices well under $200,000.
He selected his top five in Australia based on low prices, solid rental returns and potential for price growth.
He said the areas needed to have more going for them than just cheap real estate, they also needed growth drivers for the economy.
Gympie, according to Mr Ryder had this, including a $1.7 billion highway upgrade, $60 million racing facility and a $2 billion solar farm.
He said it also had a diverse economy including manufacturing, agriculture, tourism and resources.
"Hotspotting's latest research shows the Gympie local government area is a rising market, headed by Cooloola Cove, Tin Can Bay and Gympie itself,'' the report said.
"Affordability and proximity to the Sunshine Coast help this market.''
"While not booming, steady trends in key performance indicator categories show an increase in median house prices over the past 12 months.''
It said upgrades to the Bruce Highway had bought in buyers from more expensive locations south of Gympie, mostly the Sunshine Coast.
"In the past 12 months, there were 289 house sales in Gympie at a median price of $255,000 reflecting an annual increase of 2 per cent.''