Sometimes you have 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 within australia, where a few 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 key driver.
That is certainly not saying regional investing arenas are not without risk. You only have to look at a few of WA’s mining towns, in which the boom was relatively short lived, as well as the crash has hurt many who bought if the market was booming.
So, where to purchase 2018? And where are the most useful places to shell out and top growth suburbs in regional Australia? Let’s take a look at some to watch in 2018 and beyond.
NSW fastest growing regional property – if you are looking to find the best regional investment areas and opportunities far from Sydney’s crazy market, there are plenty of regional centres which posted excellent development in 2017. Corelogic reported that 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.
Based on growth 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 value of $740,000. The regional economy is self-sufficient, with education and tourism since the primary drivers, along with 1,100 people getting 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 percent growth/median price: $545,000) and Shellharbour (16.7 per cent 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 per cent) near Batemans Bay both standout performers.
Investors will also be looking north for the once unfashionable Newcastle, which has been turned into one of fastest growing regional towns inside the state. BIS Shrapnel’s Australian Housing Outlook reports that the 7 year price trend for houses here is a solid 6.9 per cent per annum, while units have outperformed them posting annual returns of 7.7 %.
The best suburbs in Newcastle, and those likely to experience growth in the near future include Wickham, Lambton and Lake Macquarie, which is a short 30 minute drive from the CBD.
Investors would like to once unfashionable Newcastle, which was transformed into 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 while it is still more cost-effective than Sydney, investors are increasingly looking to regional areas in Victoria for better value and much more attractive growth opportunities.
Many of Victoria’s regional hubs and towns are now more offered to Melbourne, due to better transport links, and they also offer a more enjoyable lifestyle. Here the best investment suburbs for 2018 include Lorne, where the 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 now more offered to Melbourne, thanks to better transport links and offer a more relaxed lifestyle
Queensland regional property hotspots – Queensland’s regional markets took a serious battering once the mining boom came to an end, but there are signs of recovery. Employment is rising and vacancy rates are tightening in lots of, including in Townsville. The same pertains to Cairns when 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 per cent or even more during to October 2017.
South Australia regional property hotspots – The Domain House Price Report reveals that Adelaide’s current median house price is $519,517, which is affordable by capital standards. But should you be looking for something more affordable, say using a median house price under $300k, then South Australia’s coastal towns are worth investigating. These include 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 towards the city as well as use of a variety of outstanding local wineries. Blanchetown, 109 km from Adelaide, which CoreLogic reports grew 42.6 per cent over 2016/2017 is yet another regional spot to watch, growth that puts it in the top 10 fastest eawclq suburbs. Should you be looking for 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 over the horizon, where dwelling values have fallen faster than the state capital. The flipside of the is the fact WA is currently one of the most affordable property markets in the nation – which never lasts lengthy. Should you be looking for somewhere near to Perth then Scarborough – just 14 km through the CBD – offers beachside living minus the cost of many other high profile suburbs. Property prices here grew 2.82 percent around to June 2017, where most city suburbs continue to be 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 can be now linked to the NBN, with further funds earmarked for local hospitals and schools.