Booming regional cities where prices have jumped up to 20% in a year
Property values in Australia’s capitals have grown faster than in the regions for the past year, but prices in a handful of regional cities have surged ahead.
Analysis of property prices in Australia’s 30 largest regional cities has revealed a handful of places where prices are growing as fast, if not faster than the strongest capital city markets.
There are 13 regional cities across Australia where median house values have grown more than the 7.66% growth recorded across the combined capitals over the past year, and 12 regional cities where unit prices grew more than the 5.22% lift recorded in the capitals.
Most of Australia’s booming regional cities are found in Western Australia and Queensland – two of the strongest regional markets over the past year.
The data shows that Perth isn’t the only Australian city where values have grown by more than 20%, with prices rising by more than that in a few other large regional Western Australian cities, including Bunbury for houses and Busselton for units.
All the largest regional Queensland cities recorded annual house price growth above 10%, except the Sunshine Coast where prices grew by about 8%. Unit price growth across those cities was almost as strong.
In NSW, Tamworth was the only regional city where price growth outpaced the state capital Sydney, with house prices in the northern NSW inland city growing by more than 10%.