More than 150 years after James Nash struck gold, the Queensland town of Gympie is experiencing a new boom, reflected in a buoyant economy, rapidly increasing population and higher, but still affordable, property prices.
With a population approaching 60,000, Gympie is attracting unprecedented migration, newcomers attracted by the town’s location – less than two hours from Brisbane and 40 minutes from Noosa – its big city amenities, laid-back lifestyle and comparative affordability.
One of their biggest problems is finding somewhere to live.
Against this backdrop, Sunshine Coast-group Rafter Myers, though their fund management business RM Capital has acquired a 19.8ha residential subdivision just five minutes from the Gympie business centre, on which it plans to quickly develop 199 home sites.
RM Capital settled on the property this week, paying $13.5 million – equivalent to $67,840 per lot of raw land value – in an off-market deal.
The property, situated on Banks Pocket Road, Butler Street and Old Maryborough Road, has excellent access to shops, schools, medical facilities, two golf courses, a swimming complex and community services.
It is close to the Bruce Highway, which links Gympie with Brisbane and the nearby Sunshine Coast to the south, and the state’s major coastal cities to the north. The property is zoned Residential Living and Rural Residential – ideal for lower density residential development.
A Development Approval is already in place for 184 of the proposed .lots, while Stage 1, comprising 29 lots, commenced construction the day after settlement. Local civil contractor Civilivic were awarded the stage 1 contract of new estate Banks Pocket Heights.
RM Capital established a property fund, inviting investors to share in a project that would help fuel Gympie’s growth. Shares in the fund were snapped up within hours.
“We’re excited about the potential of Gympie,” RM Capital director Josh Myers said. “The town is enjoying significant population and investment growth as newcomers discover its attractions.
“Large numbers of people are moving into the region, many discovering they can work from home, and enjoy the benefits of an affordable, quiet regional lifestyle without forsaking any of the attractions of big city living.”
“We are buoyed by having sold 80% of Stage 1 before construction commenced via off market relationships. This has validated the market acceptance for our product and will allow us to now fast track the commencement of stage 2.”