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News.com.au
a day ago
- Business
- News.com.au
Toowoomba home to nine of Qld's top investor hotspots
Toowoomba has been revealed as Queensland's top spot for property investment with nine of the region's suburbs making the Sunshine State's list of best regional places to invest. The new MCG Regional Movers and Investor Hotspots 2025 report analysed migration and property data to highlight regional investment opportunities amid urban exodus across Australia. Mike Mortlock, report author and MCG Quantity Surveyors managing director, said MCG's analysis indicated a clear trend – Australians were increasingly looking beyond the capital cities for property investment. 'Regional areas are not only offering better affordability but also promising rental yields and lifestyle benefits that are attracting a diverse range of buyers,' he said. The MCG analysis found the top 10 investor suburbs for each state, with shortlists created by prioritising rental yields, strong population growth and the MCG Investor Score, a composite index reflecting yield, affordability, sales and rental turnover, market liquidity and local demographic strength. The Queensland list included nine suburbs in the Toowoomba region, one in Gympie and one in Mackay. Coming in at number one was Millmerran in wider Toowoomba with a median house price of $388,500, a gross rental yield of 4.8 per cent and a MCG Investor Score of 81, which was the third highest score in the country. The report said the renal market in Millmerran remained tight, while regional industry and agriculture anchored the local economy. 'Rents have grown 7.1 per cent over the past year, and a low buy affordability (5.4 years) supports steady demand from local tenants and families,' the report said. The Clifton-Greenmount area, also in wider Toowoomba came in second with an average house price of $455,000, a gross rental yield of 5.1 per cent and a MCG Investor Score of 80. Pittsworth in the Toowoomba region was third with the median house price sitting at $615,000, gross rental yield at 4.3 per cent and the MCG Investor Score at 76. The wider Toowoomba areas of Jondaryan, Crows Nest – Rosalie, Highfields, Cambooya – Wyreema and Gowrie all made the list, along with Kilkivan in Gympie. Walkerston – Eaton in Mackay and Middle Ridge in Toowoomba tied for 10th place. Sales agent Ben Liesch, of Ray White Toowoomba said the majority of Toowoomba suburbs that made the list were on the outskirts of the city or out of town. 'These are areas are more so that entry level buying,' he said. 'There has been hot competition in those area driving prices up and there's also more people having to look out of town for rentals because of short supply.' Mr Liesch said with Toowoomba experiencing a vacancy rate below 1 per cent and a growing population, investors were keen to break into the local property market. 'We do get a lot of enquiry from out of area investors and local investors have been quite busy, too,' he said. 'We've also got a lot of buyer's agents acting on behalf of investors.' Mr Liesch said investors were particularly active in the $600,000 to $700,000 price bracket, which was considering entry level in Toowoomba. 'In an area around town (that price point) gets you a three or four-bedroom home with one to two bathrooms and a little bit older. 'In more densely populated areas, it can get you a more modern house. 'Anything below $600,000 is likely a renovator or fairly out of town.' Mr Liesch said the Toowoomba property market had been heating up since Covid with projects such as the new public hospital under construction helping to drive population growth and interest in the region. The Regional Movers and Investor Hotspots report found Queensland was a leading destination for internal migration and a welcoming environment for property investors, underpinned by population growth, ongoing infrastructure commitments and steady rental demand. 'The state's generally pro-investor policy environment, alongside fewer regulatory changes than seen in Victoria or New South Wales, continues to support positive investor sentiment, particularly in the southeast and along the coast,' Mr Mortlock said. 'However, the post-pandemic surge in house prices has softened, and competition from both owner-occupiers and migrating families is intensifying in key markets.' Mr Mortlock said the December 2024 Regional Movers Index highlighted the resilience of Queensland's regional lifestyle appeal, with the top five LGAs by share of net internal migration being Sunshine Coast (35.8%), Fraser Coast (11.7%), Gympie (7.2%), Mackay (6.2%) and Toowoomba (6.0%). 'Collectively, these five regions account for more than two-thirds of the state's net migration gains, reaffirming Queensland's status as a magnet for those seeking affordability, climate and a slower pace of life,' he said. 'The Sunshine Coast remains the state's dominant growth corridor and the most popular regional destination nationally, though its share of migration is gradually receding as new hotspots emerge.' Mr Mortlock said Fraser Coast, Gympie and Toowoomba were increasingly sought after by city leavers and established Queenslanders, drawn by lifestyle, expanding job opportunities and more attainable property markets, while traditionally resources-driven Mackay was also benefiting from diversification. QUEENSLAND TOP 10 INVESTOR SUBURBS Suburb Area Median House Price Gross Rental Yield 12m Rent Growth MCG Investor Score Millmerran $388,500 4.80% 7.10% 81 Clifton - Greenmount $455,000 5.10% 4.70% 80 Pittsworth $615,000 4.30% 7.10% 76 Jondaryan $465,000 5.00% 7.10% 75 Crows Nest - Rosalie $485,000 4.30% 7.10% 73 Highfields $879,000 3.90% 10.20% 73 Cambooya - Wyreema $613,500 4.40% 10.20% 71 Kilkivan $650,000 4.00% 4.80% 70 Gowrie (Qld) $720,000 4.40% 10.20% 70 Walkerston - Eton $620,000 4.70% 14.50% 69
Daily Telegraph
26-04-2025
- Business
- Daily Telegraph
Worst NIMBY suburbs: Sydney areas choking housing supply
Chronic opposition to new housing in prime western suburbs has strangled attempts to supply Sydney with the vital homes needed to meet surging population growth. Alarming new analysis has revealed multiple, large Harbour City enclaves where fewer than 20 new homes were built over the past two years, with local housing supply growing by less than a per cent. There were 78 suburb areas identified as having 'minimal to negligible' housing growth due to low dwelling approval rates, according to the SuburbTrends and MCG Quantity Surveyors data. The low approval rates were 'indicative of local opposition or restrictive zoning practices', the research revealed. It comes as NSW continues to fall behind housing targets, with the state well short of the 377,000 homes needed to be built to meet the National Housing Accord target of 1.2 million new homes by 2029. Sydney areas with the least new housing approvals tended to be established suburbs dominated by low density, single-level homes. Less than a third of the homes in these suburbs were units or townhouses when the last census was taken in 2021. These suburbs often had space to grow and much of the community opposition to the new homes has been on density grounds. Council areas where lower volumes of housing were being approved covered much of the north shore and the inner west, along with parts of the Hills District. But individual suburbs flagged as some of the worst perpetrators of NIMBYism (Not In My Back Yard) were in Sydney's outer west – where there is generally space for new housing developments. They included Glenmore Park in Sydney's outer west, along with Harrington Park, Londonderry and Bligh Park. Other pockets with particularly low housing approvals were Menai, Illawong and Alfords Point in the Sutherland Shire and Cromer, on the northern beaches. The research excluded suburbs with less than 1500 dwellings. Low development in these areas was 'placing significant pressure on existing housing stock and exacerbating local affordability issues', the SuburbTrends and MCG research revealed. MCG Quantity Surveyors director Mike Mortlock said low approvals in many areas painted a 'clear picture of entrenched resistance to new housing'. 'Places like Glenmore Park, Illawong and Cromer are emblematic of the challenge: low-density communities, often with strong local identities, where planning inertia and local opposition continue to choke supply,' Mr Mortlock said. Many of the areas with the lowest housing approvals could benefit from densification, he added. 'What's striking is that several of these areas, such as Springwood and Wentworth Falls, offer the very lifestyle benefits that would make them ideal candidates for moderate densification. Yet we see barely a trickle of approvals,' Mr Mortlock said. 'These are the suburbs where policy needs to evolve from rhetoric to implementation, because the mismatch between demand and local supply is only widening.' Regentville, Windsor and Yarramundi were also flagged as low development suburbs, although these suburbs had strict flood control or bush fire zones that limited where new housing could be built. Regional towns within SA4 areas such as Newcastle, Wollongong, and The Central Coast also reflect strong opposition or restrictive planning policies, according to the research. This has limited new housing growth in these areas despite them being critical to relieving housing pressures in metropolitan Sydney. Housing Industry Association economist Tim Reardon said a 'perfect failure' in the town planning system had allowed NIMBY tendencies to flourish in certain councils. 'Town planners get no reward for approving a development and face risks if they do approve a development,' he said. Mr Reardon added that councils were often overly concerned with how new developments would influence voter decisions at local elections, thinking approvals would turn ratepayers against them. 'The areas where there is stronger resistance to new development tend to be older suburbs. We need to strike a balance between preserving these areas and supplying new housing. 'The solution is to take development approvals out of the hands of local councils and let state governments handle it while councils focus purely on town planning.' Mr Reardon explained that a change in homeowner attitudes would also help. 'Opposition from rate payers to higher density developments is often with the view that it will devalue the existing homes and stretch amenities but new developments often deliver the opposite. 'Well-designed developments will often bring better amenities and services and make areas more desirable.' Real estate entrepreneur Peter Diamantidis built a house in Glenmore Park back in the early 2010s and said the current planning system was unrecognisable compared to when he built. 'Most of the area was built about 30 years ago and they staggered land releases over a few years but now it's really slow,' he said. 'There is a lot of land around there but it is not as easy to build. 'The problem with a lot of areas like this is that they are really poorly planned. A whole lot of promises were made about what kind of services would be built in the area but they often haven't done that. 'There are a few suburbs that are like Glenmore Park. They have to be better serviced before they can be developed further. Right now, the infrastructure is coming in last.'
News.com.au
25-04-2025
- Business
- News.com.au
Worst NIMBY suburbs: Sydney areas choking housing supply
Chronic opposition to new housing in prime western suburbs has strangled attempts to supply Sydney with the vital homes needed to meet surging population growth. Alarming new analysis has revealed multiple, large Harbour City enclaves where fewer than 20 new homes were built over the past two years, with local housing supply growing by less than a per cent. There were 78 suburb areas identified as having 'minimal to negligible' housing growth due to low dwelling approval rates, according to the SuburbTrends and MCG Quantity Surveyors data. The low approval rates were 'indicative of local opposition or restrictive zoning practices', the research revealed. It comes as NSW continues to fall behind housing targets, with the state well short of the 377,000 homes needed to be built to meet the National Housing Accord target of 1.2 million new homes by 2029. Sydney areas with the least new housing approvals tended to be established suburbs dominated by low density, single-level homes. Less than a third of the homes in these suburbs were units or townhouses when the last census was taken in 2021. These suburbs often had space to grow and much of the community opposition to the new homes has been on density grounds. Council areas where lower volumes of housing were being approved covered much of the north shore and the inner west, along with parts of the Hills District. But individual suburbs flagged as some of the worst perpetrators of NIMBYism (Not In My Back Yard) were in Sydney's outer west – where there is generally space for new housing developments. They included Glenmore Park in Sydney's outer west, along with Harrington Park, Londonderry and Bligh Park. Other pockets with particularly low housing approvals were Menai, Illawong and Alfords Point in the Sutherland Shire and Cromer, on the northern beaches. The research excluded suburbs with less than 1500 dwellings. Low development in these areas was 'placing significant pressure on existing housing stock and exacerbating local affordability issues', the SuburbTrends and MCG research revealed. MCG Quantity Surveyors director Mike Mortlock said low approvals in many areas painted a 'clear picture of entrenched resistance to new housing'. 'Places like Glenmore Park, Illawong and Cromer are emblematic of the challenge: low-density communities, often with strong local identities, where planning inertia and local opposition continue to choke supply,' Mr Mortlock said. Many of the areas with the lowest housing approvals could benefit from densification, he added. 'What's striking is that several of these areas, such as Springwood and Wentworth Falls, offer the very lifestyle benefits that would make them ideal candidates for moderate densification. Yet we see barely a trickle of approvals,' Mr Mortlock said. 'These are the suburbs where policy needs to evolve from rhetoric to implementation, because the mismatch between demand and local supply is only widening.' Regentville, Windsor and Yarramundi were also flagged as low development suburbs, although these suburbs had strict flood control or bush fire zones that limited where new housing could be built. Regional towns within SA4 areas such as Newcastle, Wollongong, and The Central Coast also reflect strong opposition or restrictive planning policies, according to the research. This has limited new housing growth in these areas despite them being critical to relieving housing pressures in metropolitan Sydney. Housing Industry Association economist Tim Reardon said a 'perfect failure' in the town planning system had allowed NIMBY tendencies to flourish in certain councils. 'Town planners get no reward for approving a development and face risks if they do approve a development,' he said. Mr Reardon added that councils were often overly concerned with how new developments would influence voter decisions at local elections, thinking approvals would turn ratepayers against them. 'The areas where there is stronger resistance to new development tend to be older suburbs. We need to strike a balance between preserving these areas and supplying new housing. 'The solution is to take development approvals out of the hands of local councils and let state governments handle it while councils focus purely on town planning.' Mr Reardon explained that a change in homeowner attitudes would also help. 'Opposition from rate payers to higher density developments is often with the view that it will devalue the existing homes and stretch amenities but new developments often deliver the opposite. 'Well-designed developments will often bring better amenities and services and make areas more desirable.' Real estate entrepreneur Peter Diamantidis built a house in Glenmore Park back in the early 2010s and said the current planning system was unrecognisable compared to when he built. 'Most of the area was built about 30 years ago and they staggered land releases over a few years but now it's really slow,' he said. 'There is a lot of land around there but it is not as easy to build. 'The problem with a lot of areas like this is that they are really poorly planned. A whole lot of promises were made about what kind of services would be built in the area but they often haven't done that. 'There are a few suburbs that are like Glenmore Park. They have to be better serviced before they can be developed further. Right now, the infrastructure is coming in last.'
News.com.au
25-04-2025
- Business
- News.com.au
Melbourne suburbs hailed as ‘NIMBY paradise' revealed
Melbourne's outer east has been revealed as a NIMBY's paradise, with a handful of areas recording fewer than 20 new home approvals in the past two years. From The Basin and Montrose to Rowville and Frankston, there has been a less than 1 per cent increase in the supply of new homes since 2023. A report by MCG Quantity Surveyors has dubbed the locations as among the city's 'Not In My Back Yard' (NIMBY) hot spots, and those potentially needing urgent intervention to ensure more homes get built there. However, industry experts have warned there could be deeper issues with building costs, insurance availability and other market forces that could mean they are never developed. MCG managing director Mike Mortlock said areas with restrictive zoning, strong heritage overlays, or vocal local councils can often serve as a 'NIMBY's paradise'. 'These are the suburbs where new development is tightly controlled, and the existing character of the area is fiercely protected,' Mr Mortlock said. 'If you're someone who values predictability in your streetscape and doesn't want a mid-rise apartment block popping up next door, these locations offer a kind of residential preservation.' However, he said these home protections could also lead to housing undersupply — meaning stability for existing residents could arguably come at 'the cost of broader housing affordability'. 'The reality is we're grappling with a tangled web of issues — sluggish planning systems, tax burdens that inflate the cost of new housing, and a reluctance to acknowledge that a healthy rental market, supported by balanced policies for landlords, is a critical part of the solution,' Mr Mortlock said. Urban Development Institute of Australia Victorian chief executive Linda Allison said topography and building costs could be preventing development in many of the areas, with steep inclines in the Dandenong's difficult to build on. With developing in Melbourne at the moment already 'very difficult' due to the economics behind building, Ms Allison said 'market forces' were likely having a significant impact on where developers were actively looking to create more homes. 'It's good to have clear directions of where the government thinks the future of development should be, and they are very centred on train stations — which are good places for people to live and work close by,' Ms Allison said. Yes In My Back Yard (YIMBY) lead organiser Jonathan O'Brien said in some of the areas that fire danger could also be a factor. If that was the case, there might be an argument more homes should not be permitted there as it could lead to extra government costs for evacuations and protecting homes in emergencies. However, Mr O'Brien said across wider Melbourne more areas should be freed up for development so homebuyers could 'vote with their feet' on where they wanted to live. 'The reality is there's two forms of NIMBY: the older, richer people who are turning up to council meetings and saying no; and the planning rules and regulations,' Mr O'Brien said. 'We have a lot of areas where people would like to build townhouses so they can age in place, but they legally can't do it.' Mr Mortlock said those hoping to 'avoid the symphony of jackhammers and the parade of tradies' utes' should seek out low-density zoning such as residential overlays, or regions covered by heritage protections and conservation areas that were 'red flags' for development. 'So if you're hunting for serenity, look for suburbs with restrictive planning overlays, a vocal resident base, and a local council that's more clipboard than bulldozer,' he said. In The Basin, LOCI Real Estate director Michael Hill said there were pockets where council rules would be hampering development in favour of preserving neighbourhood character — and that appealed to many buyers. 'We are getting quite a few people moving from Hawthorn and Camberwell to The Basin for a tree change,' Mr Hill said. 'So there would be a market for more homes.' VICTORIA'S NIMBY PARADISES Area: Approvals (2 years) — Percentage of wider area approvals — Typical House Price The Basin: 6 — 0.40% — $840,000 Montrose: 10 — 0.40% — $930,000 Mr Dandenong-Olinda: 16 — 0.50% — $1.03m Rowville-South: 16 — 0.50% — $1.01m Upwey-Tecoma: 170.50%$848,000 Belgrave-Selby: 17 — 0.50% — $870,000 Wandin-Seville: 15 — 0.60% — $900,000 Rowville-North: 18 — 0.70% — $1m Frankston North: 53 — 0.70% — $630,000 Wendouree-Miners Rest: 45 — 0.70% — $465,000 Source: MCG Quantity Surveyors
News.com.au
25-04-2025
- Business
- News.com.au
Qld's 65 worst NIMBY hotspots named
Queensland is facing a critical shortage of homes in 65 suburbs marked as hotspots of NIMBY resistance, with virtually no new dwelling approvals despite growing demand and rising property prices. A shock analysis revealed 'an entrenched pattern of underdevelopment' across some of Brisbane's most established inner and middle-ring suburbs, intensifying the state's affordability crisis as families compete for a limited supply of new homes. Home built by Aussie cricket legend for sale Research by MCG Quantity Surveyors pinpointed areas with the lowest building approvals over the past two years, with undersupply also dire in regional growth areas from the Gold Coast to Townsville. 'Australia's housing market faces significant pressure due to surging population growth, heightened demand, and an alarmingly low rate of new dwelling approvals,' MCG Quantity Surveyors managing director Mike Mortlock said. 'While many regions grapple with meeting housing demand, certain suburb areas stand out starkly as hotspots of resistance – often referred to as NIMBYism (Not In My Back Yard) – to new developments.' In the 24 months to January 2025, only 337,564 dwelling units were approved nationally. Bikini goddess' 'missing sister' for sale in $15m mystery twist MCG's report identified 65 suburbs in Queensland with less than 5,000 building approvals, coupled with less than a 1 per cent increase in housing stock. Brisbane's worst-ranked areas included: Wakerley, Riverhills, Seventeen Mile Rocks-Sinnamon Park, Middle Park-Jamboree Heights, Carindale, Jindalee-Mount Ommaney, Mansfield, Stafford Heights, Sheldon-Mount Cotton, and Boondall. 'These are areas with well-developed infrastructure and strong local appeal – but approvals remain astonishingly low,' Mr Mortlock said. 'Many of these suburbs have seen virtually no change in their housing stock despite growing demand and rising prices. 'The inner and middle-ring suburbs are where reform is most needed, yet they're also the most resistant to change. It's a critical pressure point in Brisbane's broader affordability story.' Thousands of Qld empty-nesters refuse to budge NIMBYism claims were levelled at Wakerley residents who attempted to block a proposal by a local church to build 44 affordable townhouses on its own land. The State Facilitated Development was approved this month, despite more than 3,400 signatories to a petition demanding the government stop the 'housing commission development' on New Cleveland Rd. Among objections, one resident claimed 'Gumdale and Wakerley have been earmarked to be converted to a lower-class ghetto', while another lamented 'drug addicts and refugees' who would devalue the area. The build-to-rent project, put forward by the Archdiocese of Brisbane, will provide housing capped at 74.9 per cent of market rent. Meanwhile, a medium-density housing proposal for 47 apartments across four storeys in Highgate Hill has attracted scores of objections. Un-beer-lievable: SEQ costlier than Melbourne for housing, food, grog Resident submissions lodged with council detail concerns about noises and traffic, while a few state current residents of the 2402 sqm site on Westbourne St would be displaced. The project was labelled an 'absolute eyesore' and 'innapropriate intrusion into this historically significant area'. Outside Brisbane, five of the 10 worst regional suburb areas were in Townsville, three in Central Queensland, and one each in Mackay and Wide Bay. Mr Mortlock said the dearth of approvals in Townsville reflected an 'ongoing reluctance to densify or renew, even in the face of population pressures'. The pattern was repeated across hubs including Mackay and Bundaberg. 'These are established communities with thousands of homes, yet the housing stock has barely budged,' he said. 'The risk here is clear: without intervention, affordability in these markets will erode just as quickly as in the capitals.' Natalie Rayment, Brisbane town planner and CEO of YIMBY Qld, said homeowners with 'blind faith' in opposing development risked 'pricing a new generation out of the housing market'. 'Good housing policy and quality design are essential,' Ms Rayment said. 'But I like to ask people – if you say 'no' to more housing in your neighbourhood, then what are you saying 'yes' to? 'There's always a trade-off, whether that be increasing housing costs, increased levels of homelessness or reducing opportunities to downsize and age in place in the future. There's also added pressure to push new housing further out of the city, increasing the commute and potentially expanding into farm land or koala habitat.' When a housing project was denied or delayed in response to strong community objection, it often led to further restrictive practices. 'Decision makers tighten up the rule book to ensure no more are allowed to slip through the system – think the townhouse ban, or capping heights, reducing floor plates, or increasing car parking numbers, each coming with a direct cost on housing,' Ms Rayment said. 'Worse still, each time this happens, it rocks the confidence of the housing sector, reducing the risk appetite needed to get new projects off the ground. It's a downward spiral. And we need a re-set. Urgently.' NIMBY pressure in wealthier suburbs like Noosa, New Farm and Main Beach was strong, as homeowners fought to preserve 'neighbourhood character', Ms Rayment said. 'But NIMBY pressure plays out in many areas, often opposing affordable housing options like smaller units. 'Recently, we've seen even more intense objections to social and affordable homes, with some residents going beyond planning issues to raise concerns about social issues like youth crime.' Building approvals for new houses and units plummeted across much of the state over the summer months. While approvals for detached homes and units rose by 8.4 per cent from last year to 36,147 that number fell short of the government's annual target of 50,000 new homes. The three-month trend to February 2025 shows approvals down by 8.8 per cent – blowing out to about 30 per cent in regions like Mackay and Whitsunday, Far North Queensland, and the Gold Coast. The housing shortage is a key issue ahead of next week's election, with both major parties unveiling policies aimed at addressing the supply-demand imbalance. Ray White economist Nerida Conisbee said skyrocketing building costs had made it more affordable to buy an existing home than purchase a new one – undermining policies aimed at encouraging new construction. 'Construction challenges have worsened, with industry insolvencies continuing to rise and now exceeding 1,200 annually,' Ms Conisbee said. 'Labor productivity remains low, and the average time to complete a house has increased from approximately 6.5 months pre-pandemic to over 10 months today. 'These factors severely limit the industry's capacity to deliver on ambitious housing targets.'
