Yahoo Finance How far your money goes in the 5 hottest regional property markets
Many urbanites dream of moving to the regions where the houses are cheaper and the pace of life is a little slower.
The pandemic triggered a boom in the regions. And, according to CoreLogic head of research Eliza Owen, growth is still strong.
So how far will your money go in these buzzing locales?
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1. The Southern Highlands and Shoalhaven - median dwelling value: $1,017815
The Southern Highlands and Shoalhaven remained the top areas for annual dwelling growth.
This came as no surprise, with Owen noting luxury regional markets had seen the fastest-growing property prices over the past few years.
She said the region had been near the top of league tables for a few months.
“It is a highly popular weekend getaway destination for Sydneysiders, where rolling green hills meet the sea, and there is an increasing amount of bars, breweries and shopping options,” Owen said.
This four-bedroom, two-bathroom home in Moss Vale will give you some idea of what the median dwelling price for the area will get you.
2. Hunter Valley (excluding Newcastle) - median dwelling value: $683,309
Owen said some more affordable pockets of regional Australia were starting to top the league tables, which could be because buyers had been priced out of larger regional centres.
She said the Hunter Valley region was a good example of this trend, with price rises initially stronger in Newcastle.
For the median house price of $683,308, you can get something like this four-bedroom, two-bathroom home in Cessnock.
3. Gold Coast - median dwelling value: $875,881
The Gold Coast has been a popular spot throughout the pandemic, showing high levels of net internal growth.
“This is not unusual for South-East Queensland, but has been exacerbated through the pandemic period,” Owen said.
For a three-bedroom, one-bathroom joint like this one in Southport, you’ll need to make an offer upwards of $850,000.
4. Sunshine Coast - median dwelling value: $922,908
The Sunshine Coast has been another popular spot since the pandemic began.
For the mid $900,000s, you can snag yourself a home like this four-bedroom, two-bathroom one in Currimundi.
5. Coffs Harbour/Grafton - median dwelling value: $752,449
For around $775,000, you can buy this three-bedroom, one bathroom home in Coffs Harbour, which is right next to a golf course.
Owen also said despite very high annual growth rates, there was evidence of some slowing in the regions.
“As an example, growth in the Southern Highlands-Shoalhaven region was 34 per cent in the 12 months to March, but this is down from a cyclical peak of 38 per cent gains in the 12 months to December,” she said.
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