Sometimes you have to look beyond the bright city lights for opportunity, and this holds true for property investment. This is the reason savvy investors are looking to regional areas in Australia, where some of the fastest growing areas for property investment are. CoreLogic’s Cameron Kusher observes that all their data points to growth for regional markets, particularly those within striking distance of capital cities, with affordability the key driver.
Which is not saying regional investing arenas are not without risk. You simply have to take a look at a number of WA’s mining towns, where the boom was relatively short lived, and also the crash has hurt many people who bought when the market was booming.
So, where to buy 2018? And where are the most effective places to shell out and top growth suburbs in regional Australia? Let’s check out some to view in 2018 and beyond.
NSW fastest growing regional property – if you are looking to get the best regional investment areas and opportunities from Sydney’s crazy market, there are numerous regional centres which posted excellent development in 2017. Corelogic reported that the Illawarra region is Australia’s top regional performer for that 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 had a stellar year posting 13.9 % growth, using a median house cost of $740,000. The local economy is self-sufficient, with education and tourism as the primary drivers, and with 1,100 people moving into the region weekly, the Gong is on the rise. And being just 90 km from Sydney, it is commutable by car and train.
Other regional property hotspots just south of Wollongong – include Shoalhaven ( 19.5 percent growth/median price: $545,000) and Shellharbour (16.7 percent growth/median price: $650,000). Elements of the South Coast also have performed strongly over 2016/2017, with Falls Creek, near Jervis Bay ( 55.4 percent); and Denhams Beach ( 48.78 %) near Batemans Bay both standout performers.
Investors will also be looking north for the once unfashionable Newcastle, which has been transformed into certainly one of fastest growing regional towns in the state. BIS Shrapnel’s Australian Housing Outlook reports that the 7 year price trend for houses here has become a solid 6.9 per cent each year, while units have outperformed them posting annual returns of 7.7 %.
The most effective suburbs in Newcastle, and the ones very likely to experience growth in the future include Wickham, Lambton and Lake Macquarie, which is actually a short 30 minute drive from your CBD.
Investors want to once unfashionable Newcastle, that has been turned into certainly one of fastest growing regional towns in NSW
Victoria regional property hotspots – Melbourne will be the undoubted centre of best capital growth suburbs to invest in property, and even though it is still more cost-effective than Sydney, investors are increasingly looking to regional areas in Victoria for less expensive and a lot more attractive growth opportunities.
Most of Victoria’s regional hubs and towns are now more available to Melbourne, because of better transport links, and they provide a more enjoyable lifestyle. Here the most effective investment suburbs for 2018 include Lorne, where median house price grew by 35.26 % over 2017, the Greater Geelong ( 13.1%) area – just 75 km from Melbourne and Wodonga ( 6.7%). Many of Victoria’s regional hubs and towns are more accessible to Melbourne, due to better transport links and provide a far more relaxed lifestyle
Queensland regional property hotspots – Queensland’s regional markets took a severe battering if the mining boom got to a stop, but you will find indications of recovery. Employment is rising and vacancy rates are tightening in many, including in Townsville. The same applies to Cairns in which a strengthening tourism sector is being backed up 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 cost is $519,517, that is affordable by capital standards. But if you are searching for some thing affordable, say having a median house price under $300k, then South Australia’s coastal towns are worth investigating. Included in this are 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 good value and proximity towards the city along with usage of any number of outstanding local wineries. Blanchetown, 109 km from Adelaide, which CoreLogic reports grew 42.6 % over 2016/2017 is yet another regional spot 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 since the mining boom disappeared within the horizon, where dwelling values have fallen faster compared to state capital. The flipside with this is the fact WA is now one of the most affordable property markets in the country – which never lasts lengthy. If you are searching for somewhere near to Perth then Scarborough – just 14 km from your CBD – offers beachside living with no price of several other high profile suburbs. Property prices here grew 2.82 percent around to June 2017, where most city suburbs remain negative.
Further afield Fremantle (23 km from Perth) has already established significant shelling out for its infrastructure, such as the train station, Victoria Quay and waterfront. Other regional towns with recent upgrades to local infrastructure include Katanning (300 km from Perth), that is now attached to the NBN, with further funds earmarked for local hospitals and schools.