- 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.
