The relationship is mutual
Tourism and Real Estate affect each other more than you think, how often have you visited somewhere and said “I would love to live here”, “retire here” or “Invest here” – for me and my friends we often talk about where else we might like to live. These decision making moments are usually when we are on holidays. We also like coming home to Toowoomba, it is the beautiful parks, cafes and restaurants, the convenience of living near the coast and large cities without the “traffic hassles”
The correlation between tourism and real estate was noticed during the 90s, where developments combining both elements were introduced. For example, there are integrated developments which include entertainment components such as theme park and malls, that are built together with residential components.
Such developments are mostly known as mixed developments or integrated developments and are still popular among citizens. So what is the obvious impact of tourism on properties that are located within the tourist hotspots?
Wellcamp Business Park
Could this provide the boost to real estate in the region with the Wellcamp Airport bringing tourists to our doorstep, what impact would a V8 Supercar racing track have on the local market? There are also focus groups for other major Tourism and Infrastructure Hot Spots and these include the Quarry Gardens Proposal, Highfields Lifestyle Enterprise Precinct and the Inland Rail.
When a location is well-known as a tourist hotspot, the infrastructures and facilities available in the place will be enhanced and upgraded constantly. The road or highway leading to the destination, public transportation around that area, hotels, restaurants, food and beverages outlets, shopping malls and entertainment centres are among the amenities that will be focused and developed within the location.
Thus, if you own a property in this location, this factor will help to boost your house value as there will be many facilities and amenities that would be deemed convenient by your tenants or potential buyers.
What is driving the Hobart property market?
As predicted by Propertyology “when we began investing in Hobart in mid-2014, the Tasmanian economy has been the most improved in Australia by a long streak and, as usually happens, its property market followed suit. The Apple Isle has some of the best agricultural products and tourism experiences in the world; Hobart is also a beautiful university city. But it’s only recently that people outside of Tasmania have grown to appreciate this. Chinese President, Xi Jinping, made a special visit to Hobart (and only Hobart) in 2014 to foster business relationships and now the secret of Tasmania is well and truly out.
The rate of employment growth in Hobart over the last year was 4 times the national average and double the next best capital city. The economy doesn’t appear to be slowing down either; job advertisements have a very steep trajectory. Records keep being broken in retail trade (the cash registers are ringing loud) and visitor volumes (domestic and international). The strong economy and high consumer confidence means that locals are keen to transact in property and there certainly aren’t any affordability barriers.”
A did you know moment
The land area of the Darling Downs is the same size of Tasmania and I would like to think we have excellent examples of great food, wine and experiences. Don’t forget to use this Visit Darling Downs when hosting your next visitors -you never know they might just stay.
A boost in local Tourism in the Toowoomba Region is a definite bonus for the growing confidence in the local Real Estate Market ……. “let’s support a Tourism Hot Spot”
(these are my views and thoughts and are not a representation of investment advice.)