Australia's tourism hotspots that are also good markets for property investors to put their money into have been ranked in a new report, which names New South Wales as the ideal destination for both tourists and business investors.
LocationScore has rated areas across Australia against a variety of factors, including their growth prospects, housing supply and level of demand for properties among locals. Each location was then given a score out of 100, with property publication Domain reporting on the findings.
New South Wales came out on top with a score of 79 due to its popularity with both holidaymakers and property investors who take advantage of the opportunities presented by the large number of tourists in the area.
In particular, homes in Banora Point and Bilambil Heights were judged to be the best to invest in within the New South Wales region.
Next on the list was Queensland; while popular with holidaymakers, it wasn't found to be the best for investment. However, it was a different story along the Gold Coast, where investors will continually find opportunities to grow their money as the local scenery and other offerings show no signs of ceasing to be popular with visitors.
Meanwhile, Victoria was awarded a score of 76 out of 100. Clifton Springs was named among the best local neighbourhoods to invest in, thanks to its property auction clearance rate of 92 per cent. Torquay and Swan Hill were also rated as attractive tourist destinations with plenty of opportunities for investors.
Tasmania came next on the list, with West Launceston and Invermay named as its most popular suburbs.
Jeremy Sheppard, co-founder and research director of LocationScore, commented: "Although there are some fantastic places to holiday in Australia this summer, don't be tempted to buy in one as an investment just because you like to visit every now and then.
"You either buy a holiday home or you buy an investment property, which are two different goals, but our research shows that sometimes you can combine both - if you've done your research."
