New property hot spot: Far North Queensland
Tuesday, May 13, 2008/
With property prices on the slide, smart investors are looking at long term trends to uncover the next hot spots, and the services they will require. And according to a report from the Queensland Government, spruiking their own state, you can’t go past the tropics.
Far North Queensland will present growing commercial opportunities as it attracts an ever-increasing number of older Australians, seeking to escape colder climes.
Cairns alone will be home to another 100,000 people by 2025. The Far North Queensland Draft Regional Plan 2025, by the Queensland Department of Infrastructure and Planning, also looks at ways government and business will meet the needs of the booming far north.
The draft plan estimates that 20% of the region’s residents will be over 65 years by 2025. This latest sea-change will require health services, housing and leisure activities.
Foremost among the issues is the supply of urban residential land for development, with an estimated 5000 people moving to Far North Queensland every year.
Growth will be focused on a 1550 hectare development at Mount Peter, west of the Bruce Highway, with a new town precinct at Edmonton.
The development of green-field sites and an increase in housing density will aim to strike a balance between housing needs and the natural environment.
“We have to ensure smart growth so our communities can thrive, remain accessible, maintain their natural beauty and be better places for following generations,” said Queensland Premier Anna Bligh on the draft plan.
Natural wonders like the Great Barrier Reef and wet tropics attract 2.3 million visitors each year spending $2.1 billion, the report states.