Affordable homes, new technology and potential for growth are driving regional property markets ahead of metropolitan areas with Bendigo, the Sunshine Coast and Orange coming out on top.
The upwards trend of regional property markets is being supercharged by Covid-19 according to Hotspotting's Exodus To Affordable Living: National Top 10 report.
This is creating new opportunities for property developers and investors looking to take advantage of emerging markets.
Notable areas that are picking up pace include Ballarat, Gold Coast, Gympie, Golburn, Mackay, Victor Harbor, Mudgee, Warrnambool, Whittlesea and Northern Territory capital Darwin.
Top 10 places for an affordable lifestyle
Hotspotting founder, researcher Terry Ryder said these places are becoming the number one picks for buyers.
“The exodus to an affordable lifestyle has been quietly gathering pace for several years now and while the pandemic might not have started it, it certainly has helped drive one of the biggest trends in Australian real estate to new levels.”
Ryder will be joining The Urban Developer Rise of the Regions vSummit on Thursday, 26 November as part of a panel discussion dedicated to the growth of regional development.
“Certainly that trend has been evident in Victoria for a while, buyers priced out of the Melbourne market, which has a median house price of $780,000, have elected to explore places like Ballarat and Bendigo where the medians sit below $450,000.
“Similarly, Sydney’s median house price of close to $1 million has proven a big hand-brake for those wanting to enter that market.
“While less than 90 minutes south, Wollongong has many suburbs with median house prices below $550,000; something not available in even the cheapest parts of the Sydney metro area.”
Ryder will join panellists, Nearmap chief executive Rob Newman, Corelogic head of research Eliza Owen and Urbis director Nathan Stribley at The Urban Developer Rise of the Regions vSummit later this month.