In the ten-years to 2020, Whitsunday enjoyed median price growth of 27.6%. Image – Canva
  • The median price in 2020 was $375,000
  • Vacancies are low; 1.5% as of December 2020
  • Estimated value of developments in the area for 2021 is $1.49 billion

The Whitsundays, in Queensland’s North, has been crowned as the top regional area for growth in Australia, thanks in part to its affordable median house price.

The PRD ‘Stand Out Regions’ report ranks regional locations based on median price affordability and other indicators such as property investment, local employment growth and sustainable economic futures.

As we have reported previously on The Property Tribune, regional areas have been highly sought after due to an exodus of Australia’s urban population seeking a lifestyle change.

The tropical coastal area has recorded a median price growth of 27.6% in the ten years to 2020.  While the price growth has been fairly modest for land at 3.3%, units decreased by -7.4% over the same time frame.

For 2020, the median house price was $375,000.

As common nationally, vacancies rates are low and the Whitsunday’s is no exception, recording a 1.5% vacancy rate as of December 2020 with the rental yield for houses at 5.7%.  By contrast, Brisbane’s metropolitan area has a 1.8% vacancy rate with a yield of 3.7% – arguably making the region a more attractive option for investors compared to the state’s capital.

“This confirms investors can be confident in their decision to enter the Whitsunday LGA market, as it is an exemplary of strong resilience, even amidst COVID-19.”

“With a lower entry price compared to Brisbane, first time investors are encouraged to enter.”

PRD Stand Out Regions Report, 2021

Additionally, unemployment in the region is 6.4% – below the Queensland average of 6.8% – an interesting statistic given the area is a tourist hotspot, especially for overseas travellers, who have had to stay away.

The population of the area has grown by 2.9% in the five years to 2019 with a total of 514 lots and 216 dwellings set to be added to the area this year alone.

With the estimated value of developments in the area to be $1.49 billion in 2021, the report argues the local area’s economy will continue to grow.

“A predominant focus on commercial projects is ideal for the area, as it signals the creation of new businesses and improved services, all of which has the potential to create more jobs and stimulate a more vibrant economy.”

PRD Stand Out Regions Report, 2021

Other stand-out areas include fellow Queensland regions Mackay and Toowoomba with the remainder of the top ten featuring areas in New South Wales and Victoria such as Port Stephens and Greater Bendigo, before ending with Circular Head in Tasmania’s north-west.

You May Also Like

Top Australian downsizing locations revealed

Property Credit’s report reveals 12 locations across NSW, Queensland and Tasmania replete with opportunities for downsizers.

Revitalising urban jungles: University expert weighs in on why green spaces are the ultimate urban upgrade

Planning policies, funding disparities, and land constraints have exacerbated inequities in green space access in Australia.

Solutions to apartment food delivery challenges: Thinking inside the box

Heated food lockers are growing in popularity.

Ever dreamed of owning a slice of nature? One of Southern Tasmania’s largest private forests is now up for grabs

Spanning 936.94 hectares, Black Mountain Estate offers unspoiled wilderness and stunning maritime landscapes.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.