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PROPERTY powerhouse John McGrath says there’s only one place in all of Australasia to be buying real estate right now.
And that’s in south east Queensland.
The founder and CEO of McGrath Estate Agents — who has 64 offices all over Australia — also thinks Sydney’s housing boom has almost run its course.
“Right now, you can lock in the cheapest money you have ever been able to borrow. I am telling my clients to buy on the Gold Coast or in Brisbane,” he told News Corp Australia, during AREC, the second biggest real estate conference in the world, being held on the Gold Coast.
“South east Queensland is my top pick of everywhere to buy in Australasia at the moment. “Sydney has experienced 40 per cent growth in the last few years and I hope it's almost topped out or else we are all going to have issues.
“You can live a multi-millionaire’s lifestyle on the Gold Coast without being a multi-millionaire. “You can walk, go for a swim at the beach and go to any number of restaurants.
“For us I see the golden triangle out to Toowoomba, up to the Sunshine Coast and down to the Gold Coast.
“Anywhere in Queensland will do well but I’d be hard pushed to find anywhere better to invest than the south east of Queensland in the next 3-5 years for capital growth.
“You can buy a unit or a house on a Gold Coast canal for $700,000 which is the same as people are paying to buy a one-bedroom unit in Sydney. And people are lining up to pay those prices in Sydney but you can get 400m2 on a canal in Queensland, and some change.
“There’s great opportunities on the Gold Coast, and there’s a lot of discretionary income.”
“People are more confident than ever, the economy is going well even though unemployment is ticking up and higher than we’d like to see but most people see light at the end of the tunnel.”
“Inner Brisbane will always do well, close to the waterways or close to the CBD, that is the lifestyle element that people love. I have people buying workers cottages close to Brisbane's CBD at $700,000 for cheaper than you can buy a one-bedroom unit in Sydney.
“We are all lucky in Australia to live in the best part of the planet and in south east Queensland its even better.
“Its relatively easy to get around here compared to many world cities, the climate is perfect 364 days of the year.”
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