News Corp Australia Network
As investors are leaving the Queensland property market, Paul Martin is happily topping up the rental pool.
In 2022, the Brisbane-based psychologist bought a house in the Townsville suburb of Heatley and another in Perth.
And he plans to buy more property in the sunshine state.
“Queensland is still a good place to invest,” he said.
“The only slight concern is the government are having a lot of pressure from lobby groups to cap rental growth.
“What that is doing is making it much harder to invest in property, which puts a lot of people off, so they sell their properties and there are less rentals.”
PropTrack data showed the portion of investor-owned property sales across Queensland ballooned to 29.5 per cent of all homes sold in June 2023.
While Australian Bureau of Statistics figures revealed Queensland’s new-investor loan value plummeted by 24 per cent in the year to May.
Mr Martin said he wasn’t concerned by other investors pulling out of the Queensland market.
“Going with the herd is problematic,” he said.
“If people are cashing out, what a great opportunity.”
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Mr Martin said due to life’s ups and downs, he restarted his property investment portfolio last year at the age of 59 and was optimistic.
“Some may think it’s too late at this age, but it’s not,” he said.
“By the time I’m 70, when I look at capital growth, there is a passive income for me at that point.”
Mr Martin said he zeroed in on the Townsville property market for its diverse economy, rental yields and low vacancy rate.
“There is a huge population influx in Townsville,” he said
“I think it’s also undervalued in terms of what is on offer – stand-alone brick houses on big blocks of land.
“The rental yield was much higher than other places.
“Even after taking into account rates and insurance, the rental yield was still about 6 per cent for the house I bought.”
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- Source: https://www.realestate.com.au/news/property-investor-banking-on-sunshine-state-growth/
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