Property investment hotspots look set to move from the major capital cities to some popular tourist destinations in Queensland.
After recent gains, Melbourne and Sydney are set for a slowdown and Robert Mellor from BIS Shrapnel has told Sourceable.com that it could be Brisbane and other popular tourist destinations in Queensland that take the reins.
Mr Mellor says he predicts Brisbane to actually outperform Sydney over the next five years and recommends investing in older suburbs within 10 kilometres of the CBD.
On the other hand he advises against investing in high-rise apartments actually in the CBD as they might suffer the same problems as in Melbourne and Sydney where there are oversupply problems.
Mr Mellor sites the looming growth in Chinese tourism to places such as the Gold Coast, Sunshine Coast and Cairns as a big driver in the predicted gains.
While Queensland is particularly close to China making it the number one destination for Chinese tourists seeking some sun and surf, other property areas in smaller regional tourist destinations around the country are also expected to perform well.
In the regional property markets, there is expected to be a big influx of retiring baby boomers, who will be looking for a quieter end to their careers and life.
Beautiful, picturesque and sedate towns a few hours from capital cities will appeal to said baby boomers, the Mornington Peninsula and Yarra Ranges will fit the bill perfectly.