Key Growth Suburbs In Australia #7 Park Ridge

Park Ridge

Located just a short drive from our nations largest and fastest-growing regional economy, Park Ridge is one of Queensland's growth areas that has plenty to offer investors and first home buyers alike.

According to realestate.com.au, median property prices over the last year range from $480,000 for houses, to $310,000 for units. Houses in Park Ridge rent out for $365 per week, with an annual rental yield of 4.0%. Units rent for $320 per week, with a rental yield of 5.4%. Based on five years of sales, Park Ridge has seen a compound growth rate of -3.9% for houses and -8.3% for units.

Located just outside of Brisbane, it is important to consider the forecast for Brisbane’s property market when looking to invest in Park Ridge. As of September 2021:

NAB is forecasting Brisbane house prices to rise by 19.5% over the next 18 months with a 4.4% rise across 2022.

ANZ has tipped house prices to jump by more than 21% this year in Brisbane, lifting its forecasts despite the lockdowns, off the back of the stronger than expected property market.

CBA now expects Brisbane house prices to increase by 16.6% to December 2022 compared to 13.7%t in Sydney and 12.4 per cent in Melbourne.

Westpac has also updated its property forecasts, with Brisbane real estate prices tipped to surge 20% between 2022 and 2023.

Market TrendsAccording to realestate.com.au, this table represents median house and unit prices in Park Ridge, providing you with an overview of how prices have changed from October 2020 to September 2021.

Here is what experts are saying about Brisbane’s housing market:

According to Peter Burgin, Chief Auctioneer Place Estate Agents in Brisbane -

“Everything about August 2021 was unprecedented. In terms of volume, it was unprecedented; the number of buyers was unprecedented. We’re now averaging eight people for every auction. That number last year would have been three, possibly four. There are so many powerful forces working in the Brisbane market. Brisbane as a city is a very desirable place to live. The locals are getting that—there’s more and more interest in our market. I think we’ve got every right to see that Brisbane’s future is bright.”

According to Louis Christopher, Managing Director at SQM Research

“Regardless of the Olympics, Brisbane is likely to outperform the market as it’s due for a surge after years of sluggish growth. So the probability is that outperformance could go on for longer than one or two years post-Games.”

PopulationAccording to the 2016 census, Park Ridge had a population of 2,323. In addition, the broader City of Logan has an estimated population of 341,985.

Queensland’s population is expected to surge by more than 250,000 people in the next 4 years, according to forecasts in the federal budget, as people flood in from other states. Further, it has been predicted that Queensland is set to gain around 20,000 people from interstate each year for the next 4 years—amounting to almost 85,000 new residents by mid-2025. In 2022 alone, federal treasury estimates that Queensland will gain 23,800 new interstate residents, while Victoria is set to lose 1200 and New South Wales is tipped to lose as many as 15,500. With a population of roughly 3.7 million, Queensland’s south is Australia’s fastest-growing zone. Queensland’s population is predicted to hit 5.44 million by mid-2025, up from 5.17 million as of June 2020.

If you’re planning on investing in property, don’t miss out on the opportunities that are currently available in Park Ridge. With affordable property, high growth forecast for the next decade, and a beautiful lifestyle in Australia's sunshine state, this is an opportunity not to be missed.

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