In its first-ever regional property report, Ray White revealed that regional Australia experienced a significant surge in house prices over the past decade, with a 91.6% increase.
According to Ray White Chief Economist Nerida Conisbee (pictured above), the growth was “remarkable,” with regional Tasmania leading the way with a 124.2% price increase.
Regional New South Wales followed closely with a 110.5% rise, overtaking Queensland as the most expensive regional market.
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While regional New South Wales topped price growth, regional Queensland led in sales transactions with 47,878 in 2023/24. The state saw a decade-long increase of 27.4% in sales.
In contrast, Tasmania saw the largest drop in sales, decreasing by 36.5%.
“Regional sales saw more volatility than prices,” Conisbee said, as sales peaked twice in 2017/18 and 2021/22, before declining sharply.
Queensland’s high-end suburbs like Surfers Paradise and Mermaid Beach hold the top spots for property prices, with homes reaching geometric mean values of up to $2.6 million.
Seven of the top 10 most expensive regional suburbs are located in Queensland.
“With the inclusion of high-value suburbs, regional Queensland has the largest price disparity between suburbs,” Conisbee said.
Despite fluctuations in sales, price trends across regional Australia have been consistently positive, particularly between 2020/21 and 2021/22 when regional house prices jumped by 22.2% and 17.3%, respectively.
“Every fiscal year, except 2018/19, saw prices increase,” Conisbee said.
Queensland’s Mount Morgan leads the way with a 24.9% price growth in the past year, followed by Park Avenue (24.5%) and Berserker (24.4%).
However, regional Western Australia recorded the highest overall price growth in the last fiscal year at 16.5%, despite having the slowest 10-year growth at just 38.1%.
“Regional Queensland has the largest price disparity between suburbs,” Conisbee said.
The Ray White report provides an in-depth analysis of each state’s regional markets, examining price and sales trends.
While regional South Australia had the lowest prices at $428,062, regional Victoria recorded a 104.2% increase over the last decade, reaching $587,191.
Regional Western Australia, despite slower long-term growth, saw the most substantial one-year growth at 16.5%.
The report concludes with a ranking of the top 50 regional suburbs based on house prices and 12-month price growth, providing invaluable insights for investors and homebuyers alike.
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