- PRD Real Estate highlights Australia's most affordable regional areas
- This was based on affordability and evidence for sustainable future growth
- Regional areas have become more attractive in the past year
A report from PRD Real Estate has spilled the beans on where the most affordable regional areas are outside of the big smokes.
Housing affordability is a hot issue in today’s climate, particularly within metro areas.
Regional areas have become more attractive as investors and home buyers combat these housing affordability challenges and the tree-change and sea-change trends continue.
PRD’s research assessed areas across Queensland, Victoria, New South Wales, and Tasmania. The resulting ‘Stand Out Regions’ not only show median price affordability, but also provide strong indicators for local employment growth, property investment, and a sustainable economic future.
In no particular order, the results are…
Whitsundays, Queensland
The Whitsundays is an area in north regional Queensland know for its world-famous beaches. The area recorded an unemployment rate well below the state’s level signifying a strong recovery from COVID-19.
- House median price (2020): $375,000
- Land median price (2020): $155,000
- Unit median price (2020): $260,000
- Estimated value of developments in 2021: $1,486,900,000
Toowoomba, Queensland
Toowoomba, located in the Darling Downs region of Southern Queensland, has experienced strong population growth.
- House median price (2020) : $380,000
- Land median price (2020) : $185,000
- Unit median price (2020) : $315,000
- Estimated value of developments in 2021 : $1,360,261,000
Mackay, Queensland
Mackay is a coastal Queensland town close to the Great Barrier Reef. The area has a high level of infrastructure and development projects planned for this year.
- House median price (2020) : $380,000
- Land median price (2020) : $179,000
- Unit median price (2020) : $235,000
- Estimated value of developments in 2021: $1,109,437,000
Port Stephens, New South Wales
Port Stephens, located north of Sydney, showed a high level of economic resilience throughout the pandemic.
- House median price (2020) : $619,750
- Land median price (2020) : $254,000
- Unit median price (2020) : $425,000
- Estimated value of developments in 2021 : $1,357,471,000
Federation, New South Wales
Federation is located close to the border of Victoria in New South Wales.
- House median price (2020) : $293,500
- Land median price (2020) : $130,000
- Unit median price (2020) : $253,000
- Estimated value of developments in 2021 : $1,121,215,000
Greater Hume, New South Wales
Hume is known for Lake Hume, a popular tourist destination.
- House median price (2020) : $237,500
- Land median price (2020) :$121,000
- Unit median price (2020) : $270,000
- Estimated value of developments in 2021: $578,422,000
Greater Geelong, Victoria
Geelong, located on the southern coast of Victoria has experienced an extraordinary five-year growth according to the ABS with population increasing 13.7% to 2019.
- House median price (2020) :$590,000
- Land median price (2020) : $285,000
- Unit median price (2020): $460,000
- Estimated value of developments in 2021: $7,521,939,000
Greater Bendigo, Victoria
- House median price (2020) : $415,000
- Land median price (2020): $164,000
- Unit median price (2020) : $305,000
- Estimated value of developments in 2021 : $1,206,859,000
Warrnambool, Victoria
Warrnambool is located along the infamous Shipwreck Coast in the south-west of Victoria. The location attracts tourists who come for whale watching and views from the Great Ocean Road.
- House median price (2020) : $408,000
- Land median price (2020) : $150,000
- Unit median price (2020) :$317,000
- Estimated value of developments in 2021 :$591,401,000
Circular Head in Tasmania
Circular Head is nestled in the north-western corner of Tasmania with several islands off its coast.
- House median price (2020) : $255,000
- Land median price (2020) : $85,000
- Unit median price (2020) : $227,000
- Estimated value of developments in 2021: $1,425,218,000
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Source: ‘PRD Stand Out Regions’ report, data as of December 2020
