NewsIn property news, research conducted by Colliers International indicates that $68.68 billion worth of major development projects are in the pipeline for the Gold Coast. This is nearing the number and value of residential projects that were mapped out at the height of the 2007 property boom. According to the report $15.75 billion worth of apartment projects are on the cards for the Gold Coast, close the figure in 2007. Major residential projects have risen by over $3.7 billion to more than $26.4 billion as demand increases.
In other news, the recent ramp up in mining exploration has caused rents to skyrocket in country towns such as Gunnedah 75 kilometres west of Tamworth, NSW, where mining giant BHP has come to stake in claim in the Gunnedah basin. According to a report in The Australian renters are prepared to pay up to $500 a week in rent, with Real Estate agents unable to keep up with the demand as thousands of workers descend on the town. The boom has given Gunnedah the third-largest 12- month increase in house rents behind Sydney’s Rose Bay and Bronte according to figures released by RP Data.
Suburb in FocusIn our suburb in focus section each week, we look at property markets around Australia that could be of interest to property investors and this week we are looking at two mining towns that are offering excellent growth AND rental yields. We’re looking at Dysart and Moranbah which are both located in central Queensland.
Dysart is located about 250kms south west of Mackay in coal mining country and is in the Isaac region. Coal mining employs the large majority of the local population, which totaled about 3,300 people in 2006. Dysart has an extremely low unemployment rate at just 1.6%. 72% of dwellings contain families and the most common family type is couples with children. 92% of properties are stand alone houses and 46% are rental properties. The median dwelling price in Dysart is $410,000 dollars, which is an increase of over 20% compared to a year ago while the 3 year growth is almost 39%. The median rental price is $700 bringing the gross rental yield to an impressive 8.88%.
Now to the property market in Moranbah which is located 82kms south east of Dysart, in the Belyando Shire Council. In 2006 Moranbah had a population of 7,500. Stand alone houses accounting for 87% of properties. 72% of properties are families and again, the most common family unit is couples with children. 48% of homes in the suburb are rental properties. The median property price in Moranbah is $432,000 dollars, which is 19.34% higher compared to a year ago and the three year growth is almost 31%. The median rent price for a house in the suburb is $790 which brings the gross rental yield to 9.51%.
Tax TipAs summer officially arrives, we are having a look at home insurance and things you can do to protect your property from bushfires, which is worth thinking about at this time of year. If you have an investment property in a regional area that could be at risk of bush fire, it is a good idea to look into your house insurance to make sure you are adequately covered. Sometimes, houses that are considered high risk by the insurance company may not be able to be covered. It is also a good idea to check on how much your investment property is insured for and make sure the amount would cover the rebuilding of a similar dwelling.
Other things you may consider doing includes having the gutters cleaned of any leaves or twigs that could burn and make sure that the gutters don’t have holes or rust, in case you need to fill the gutters with water in the case of a fire.
