Anyone interested in purchasing Surfers Paradise property in the near future should prepare themselves for the increasing popularity of medium density real estate across Queensland, which could inspire property investment in the near future for smart buyers.
With the population expected to increase radically in the coming years, owning a number of investment properties could be great to help supplement your wealth while providing a number of accommodation options for those moving into the Sunshine State.
According to the latest Bankwest Housing Density Report, medium density properties (apartments, townhouses, semi-detached homes, etc.) rose to a record level of approvals in Queensland during the 12 months to October 2013 – accounting for 43.3 per cent of all approvals in the state.
This is compared to the previous year, where they only accounted for 32.3 per cent. According to Bankwest Executive General Manager Mark Reid, there are a number of reasons for this increase, which related directly to the strengthening real estate market.
"With high population growth – third only to Western Australia and the Australia Capital Territory – and being a popular vacation spot, Queensland has an obvious need for higher density dwellings around its city centres and along the coast," said Mr Reid in a February 18 statement.