Sometimes you have to look beyond the bright city lights for opportunity, and this holds true for property investment. For this reason savvy investors are looking to regional areas within 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.
That is not saying regional financial markets are not without risk. You only have to take a look at some of WA’s mining towns, in which the boom was relatively short lived, as well as 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 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 far from Sydney’s crazy market, there are plenty of regional centres which posted excellent development in 2017. Corelogic reported that this Illawarra region is Australia’s top regional performer for the September 2017 quarter, with houses and apartments up by 13 % and 17 % respectively.
Based upon growth of the median property price (year on year performance to September 2017), Wollongong experienced a stellar year posting 13.9 % growth, having a median house value of $740,000. The neighborhood economy is self-sufficient, with education and tourism because the primary drivers, along with 1,100 people moving into the area 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 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 percent); and Denhams Beach ( 48.78 per cent) near Batemans Bay both standout performers.
Investors will also be looking north to the once unfashionable Newcastle, which was transformed into one of fastest growing regional towns within 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 per year, while units have outperformed them posting annual returns of 7.7 per cent.
The most effective suburbs in Newcastle, and the ones very likely to experience growth soon include Wickham, Lambton and Lake Macquarie, which is a short half hour drive from the CBD.
Investors would like to once unfashionable Newcastle, which has been turned into certainly one of 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 while it is still more affordable than Sydney, investors are increasingly looking to regional areas in Victoria for less expensive and more attractive growth opportunities.
A lot of Victoria’s regional hubs and towns are now more accessible to Melbourne, because of better transport links, and they offer 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 higher Geelong ( 13.1%) area – just 75 km from Melbourne and Wodonga ( 6.7%). Most of Victoria’s regional hubs and towns are actually more offered to Melbourne, because of better transport links and present a far more relaxed lifestyle
Queensland regional property hotspots – Queensland’s regional markets took a serious battering when the mining boom came to an end, but you can find indications of recovery. Employment is rising and vacancy rates are tightening in numerous, including in Townsville. The identical pertains to Cairns where 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 % or more around 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 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. 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 value for money and proximity towards the city as well as 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 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 within the horizon, where dwelling values have fallen faster compared to state capital. The flipside of this is the fact WA is currently just about the most affordable property markets in the united states – which never lasts lengthy. If you are searching for somewhere near Perth then Scarborough – just 14 km from your CBD – offers beachside living minus the price of several other high profile suburbs. Property prices here grew 2.82 % in the year 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 attached to the NBN, with further funds earmarked for local hospitals and schools.