Sometimes you need to 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, in particular those within striking distance of capital cities, with affordability the main driver.
That is certainly not to imply regional markets are not without risk. You only need to look at a few of WA’s mining towns, where the boom was relatively short lived, and also the crash has hurt many who bought when the market was booming.
So, where to invest in 2018? And where are the most effective places to spend and top growth suburbs in regional Australia? Let’s have a look at some to watch in 2018 and beyond.
NSW fastest growing regional property – should you be looking to get the best regional investment areas and opportunities far from Sydney’s crazy market, there are numerous regional centres which posted excellent development in 2017. Corelogic reported the Illawarra region is Australia’s top regional performer for the September 2017 quarter, with houses and apartments up by 13 per cent and 17 % respectively.
According to expansion 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 local economy is self-sufficient, with education and tourism because the primary drivers, with 1,100 people getting into the region weekly, 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). Elements of the South Coast have also performed strongly over 2016/2017, with Falls Creek, near Jervis Bay ( 55.4 %); and Denhams Beach ( 48.78 %) near Batemans Bay both standout performers.
Investors are also looking north for the once unfashionable Newcastle, which was turned into among fastest growing regional towns within the state. BIS Shrapnel’s Australian Housing Outlook reports that this 7 year price trend for houses here has been a solid 6.9 % each year, while units have outperformed them posting annual returns of 7.7 percent.
The most effective suburbs in Newcastle, and the ones likely to experience growth in the future include Wickham, Lambton and Lake Macquarie, which is actually a short half hour drive through the CBD.
Investors want to once unfashionable Newcastle, which has been turned into certainly one of fastest growing regional towns in NSW
Victoria regional property hotspots – Melbourne is definitely the undoubted centre of best capital growth suburbs to invest in property, and even though it is still less expensive than Sydney, investors are increasingly trying to regional areas in Victoria for better value and much more attractive growth opportunities.
Most of Victoria’s regional hubs and towns are now more accessible to Melbourne, due to better transport links, and they also offer a more enjoyable lifestyle. Here the very best investment suburbs for 2018 include Lorne, where median house price grew by 35.26 percent over 2017, the higher Geelong ( 13.1%) area – just 75 km from Melbourne and Wodonga ( 6.7%). Most of Victoria’s regional hubs and towns are now more offered to Melbourne, because of better transport links and provide a more relaxed lifestyle
Queensland regional property hotspots – Queensland’s regional markets took a significant battering if the mining boom got to an end, but you will find signs of recovery. Employment is rising and vacancy rates are tightening in numerous, including in Townsville. Exactly the same pertains to Cairns in which a strengthening tourism sector will be maintained 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 percent or even more during 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 looking for some thing affordable, say having 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 as well as access to any number of outstanding local wineries. Blanchetown, 109 km from Adelaide, which CoreLogic reports grew 42.6 per cent over 2016/2017 is an additional regional place to watch, growth that puts it in 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 considering that the mining boom disappeared within the horizon, where dwelling values have fallen faster than the state capital. The flipside with this is the fact that WA is currently probably the most affordable property markets in the united states – which never lasts lengthy. If you are searching for somewhere close to Perth then Scarborough – just 14 km through the CBD – offers beachside living without the price of numerous other high profile suburbs. Property prices here grew 2.82 % in the year to June 2017, where most city suburbs are still negative.
Further afield Fremantle (23 km from Perth) has experienced significant shelling out for its infrastructure, like the train station, Victoria Quay and waterfront. Other regional towns with recent upgrades to local infrastructure include Katanning (300 km from Perth), which is now connected to the NBN, with further funds earmarked for local hospitals and schools.