Property prices in Australia’s major regional areas are still surging, and new data also shows that net migration to regional areas is more than double the levels recorded during the two years prior to the pandemic.
The top 3 regional areas with highest annual house price growth in the 12 months to January 2022 occurred in the Southern Highlands and Shoalhaven region (38.2%), Gold Coast (36.3%) and Sunshine Coast (35.4%). In 2021, Gold Coast remained the most popular destination among metro-movers, welcoming 11% of all people who moved from capital cities. The Sunshine Coast wasn’t far behind at 5% (the fastest-selling region for houses), followed by Greater Geelong at 4% and Wollongong at 3%. Furthermore, February’s CoreLogic’s quarterly Regional Market Update, shows Australia’s 25 largest non-capital city regions continued to achieve unprecedented increases in value. Over the 12 months to January 2022, 24 regions recorded double-digit annual growth for houses, with 18 regions surging in gains in excess of 20%. The median dwelling value across the combined regions jumped 26.1% in the year to January 2022, outpacing the combined capital city dwelling growth rate of 21.3% for the same period.
Over the past few months up till Feb 2022,
- There has been 5.7% change in combined regionals in the dwelling values in 3 months to Feb 2022.
- There has been 25.5% change in combined regionals in the dwelling values in 12 months to Feb 2022.
- There has been 32.5% change in combined regionals in the sales values in 12 months to Feb 2022.
- There has been 11% change in combined regionals in the annual change in rental rates to Feb 2022.
- There has been 4.1% change in combined regionals in the gross rental yields to Feb 2022.
Moving away from the stats and numbers, let’s also look at the top 3 infrastructure projects in the works, and how they’ll help regional Australia.
1. Melbourne Airport Rail Link – $5 Bn
The Federal Government has committed $5 Billion to Melbourne’s Airport Rail Link. Once complete, the rail link will connect seamlessly into the existing regional and metropolitan network providing passengers with a 10-minute turn-up-and-go service from the Melbourne Airport into the CBD.
2. Monash Rail Upgrade – $475 Mn
The Federal Government has committed to funding a rail project connecting Monash Universities’ Caulfield and Clayton campuses. The $475 million project will significantly enhance travel options for the tens of thousands of staff and students who travel to Monash each day from various regional areas.
3. Tonkin Highway Gap – $290 Mn
The Federal Government has dedicated a budget of $290Mn to the Tonkin Highway Gap. The Tonkin Highway is part of Perth’s Principal Road Freight Network, connecting major freight hubs, and to help connect regional businesses to local and international markets.
With regional Australia coming up in a big way and Australians giving preference to regional towns and cities, now is the best time to invest, before the house and unit prices increase further. Connect with our property consultants and get all the help and advice you need while planning your next investment! Get with us at at 02-81230180 or dropping us an email at info@successavenue.com.au
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