Sometimes you must look beyond the bright city lights for opportunity, and this holds true for property investment. This is why savvy investors are looking to regional areas in Australia, where a number of the fastest growing areas for property investment are. CoreLogic’s Cameron Kusher observes that all their data points to growth for regional markets, especially those within striking distance of capital cities, with affordability the key driver.
That is certainly not saying regional investing arenas are not without risk. You only need to look at a few of WA’s mining towns, in which the boom was relatively short lived, and also the crash has hurt many who bought when the market was booming.
So, where to purchase 2018? And where are the best places to shell out and top growth suburbs in regional Australia? Let’s have a look at some to look at in 2018 and beyond.
NSW fastest growing regional property – if you are looking to get the best regional investment areas and opportunities away from Sydney’s crazy market, there are numerous regional centres which posted excellent growth in 2017. Corelogic reported the Illawarra region is Australia’s top regional performer for your September 2017 quarter, with houses and apartments up by 13 percent and 17 percent respectively.
According to development of the median property price (year on year performance to September 2017), Wollongong enjoyed a stellar year posting 13.9 % growth, having a median house value of $740,000. The regional economy is self-sufficient, with education and tourism because the primary drivers, along with 1,100 people moving into the area each week, the Gong is on the rise. And being just 90 km from Sydney, it is actually commutable by car and train.
Other regional property hotspots just south of Wollongong – include Shoalhaven ( 19.5 per cent growth/median price: $545,000) and Shellharbour (16.7 percent growth/median price: $650,000). Parts of the South Coast also have performed strongly over 2016/2017, with Falls Creek, near Jervis Bay ( 55.4 %); and Denhams Beach ( 48.78 per cent) near Batemans Bay both standout performers.
Investors will also be looking north towards the once unfashionable Newcastle, which was transformed into among fastest growing regional towns in the state. BIS Shrapnel’s Australian Housing Outlook reports that this 7 year price trend for houses here has become a solid 6.9 percent per year, while units have outperformed them posting annual returns of 7.7 per cent.
The best suburbs in Newcastle, and people prone to experience growth in the future include Wickham, Lambton and Lake Macquarie, that is a short 30 minute drive through the CBD.
Investors are looking to once unfashionable Newcastle, that has been transformed into among fastest growing regional towns in NSW
Victoria regional property hotspots – Melbourne is the undoubted centre of best capital growth suburbs to invest in property, and though it may be still more affordable than Sydney, investors are increasingly trying to regional areas in Victoria for better value and more attractive growth opportunities.
Most of Victoria’s regional hubs and towns are now more available to Melbourne, due to better transport links, plus they provide a more enjoyable lifestyle. Here the best investment suburbs for 2018 include Lorne, in which the median house price grew by 35.26 % over 2017, the more Geelong ( 13.1%) area – just 75 km from Melbourne and Wodonga ( 6.7%). Many of Victoria’s regional hubs and towns are actually more offered to Melbourne, because of better transport links and offer a much more relaxed lifestyle
Queensland regional property hotspots – Queensland’s regional markets took a serious battering if the mining boom came to an end, but there are indications of recovery. Employment is rising and vacancy rates are tightening in many, including in Townsville. Exactly the same relates to Cairns when a strengthening tourism sector has been supported by local migration. Other growth hotspots are Sunshine Coast suburbs, including Buddina (100 km from Brisbane), Forest Glen, and Noosa Heads – which all grew by 13 per cent or maybe more in the year to October 2017.
South Australia regional property hotspots – The Domain House Price Report reveals that Adelaide’s current median house price is $519,517, that is affordable by capital standards. But should you be looking for some thing affordable, say using a median house price under $300k, then South Australia’s coastal towns are worth investigating. Such as Tumby Bay ($227,500), 50 km from Port Lincoln, Stansbury ($243,000) and Kingston ($246,000).
Otherwise Mount Barker, 35 km east of Adelaide, currently offers great affordability and proximity for the city in addition to usage of any number of outstanding local wineries. Blanchetown, 109 km from Adelaide, which CoreLogic reports grew 42.6 percent over 2016/2017 is another regional place to watch, growth that puts it within the top 10 fastest eawclq suburbs. If you are searching to have an affordable investment under $300k, then South Australia’s coastal towns are worth investigating
Western Australia regional property hotspots – Like Perth, regional Western Australia has seen hard times because the mining boom disappeared on the horizon, where dwelling values have fallen faster compared to the state capital. The flipside of this is the fact that WA has become just about the most affordable property markets in the nation – which never lasts lengthy. If you are looking for somewhere near Perth then Scarborough – just 14 km from your CBD – offers beachside living without the price tag of several other high profile suburbs. Property prices here grew 2.82 per cent in the year to June 2017, where most city suburbs remain negative.
Further afield Fremantle (23 km from Perth) has had significant spending on its infrastructure, including the train station, Victoria Quay and waterfront. Other regional towns with recent upgrades to local infrastructure include Katanning (300 km from Perth), which can be now linked to the NBN, with further funds earmarked for local hospitals and schools.