The top regional locations for affordability and sustainable growth
Queensland also takes the second and third position in the charts with Mackay LGA and Toowoomba, respectively.
In NSW, Port Stephens LGA, Greater Hume Region Federation LGA and Federation LGA make the top ten list.
Representing Victoria are Greater Bendigo City, Greater Geelong LGA and Warrnambool.
Tasmania’s Circular Head takes the final position in the top ten line up.
Regional areas have become the most attractive option throughout 2020, with evidence of buyers capitalising on lower median property prices.
The ‘PRD Stand Out Regions’ report highlights affordable regional areas in QLD, VIC, NSW, and TAS.
These areas have median price affordability and provide strong indicators for property investment, local employment growth, and a sustainable economic future.
The selection criteria includes:
Affordability: The Local Government Area (LGA) has a median price below the maximum affordable property sale price.
Trends: The LGA will have 20 transactions or more in 2019 and 2020, with positive price growth within that time.
Investment: To ensure solid investment opportunities, the LGA will have an on-par or higher rental yield than its capital city, as well as an on-par or lower vacancy rate.
Development: There will be a high estimated value of future project development, with a higher concentration of commercial and infrastructure projects to ensure a positive economic outlook.
Unemployment: As of the September quarter of 2020, the LGA will have an on-par or lower unemployment rate than the state average to ensure there is local job growth.
According to the report, there has been a high influx of first home buyers that have entered the property market in 2020, resulting in a growth of 50.4% between the December quarters of 2019 and 2020. This further boosted an already strong market with record low-interest rates and increasingly lenient bank lending policies.