Regional cities booming with price growth
PropTrack analysed property prices in 30 regional cities to reveal areas where prices are growing fast, with some cases growing faster than the capital city markets. It was revealed that most of Australia’s booming regional cities are found in Western Australia and Queensland, two of the strongest regional markets over the past year. All the largest regional Queensland cities recorded annual house price growth above 10%, except the Sunshine Coast where prices grew by 8%. Prices in regional areas have been performing well since the pandemic which caused many city-dwellers to relocate and drove the demand and strong price growth of these regional suburbs. The amount of people moving to regional areas has stabilised since the pandemic but relocations from a capital to a regional area are sitting 20% above pre-pandemic figures. The cost-of-living pressures, housing prices and the lifestyle offered within these areas are impacting the reason for relocating to these regional locations.
Source: PropTrack