Toowoomba, Griffith and Bendigo promise regional housing gains


The latest figures from CoreLogic show the combined values ​​of regional housing in Australia jumped 5.1% in the three months to March, more than triple the capital’s combined 1.5% increase in the same period.

Economists are warning, of course, that the incentive scheme – which the Labor opposition has promised to match ahead of the next federal election – risks driving prices even higher in the same way as any scheme that funnels more cash to housing.

The scramble for the regions caused by the pandemic continues. While there is evidence that some of the people who fled cities and COVID-19 lockdowns to live in regional Australia are returning to urban areas, work patterns have changed permanently for many others, allowing for more permanent residence in areas outside of previous travel borders.

Companies are following suit. Fast-food chain McDonald’s announced in January that it planned 100 new restaurants over the next three years, a third of them in regional areas.

In the PRD report, all regions have a recorded median price below $550,000 – half the median house price in Melbourne and a third of that in Sydney during the December quarter. The report includes areas where house prices are below the average government loan plus a 20% deposit.

By December, Griffith’s median home price had risen 16.3% from a year earlier to $450,000 and the regional city had $375.8 million in planned investments.

In Toowoomba, the median house price jumped 9.2% year-on-year to $420,500 and faced $1.6 billion in investment. The Bendigo real estate market, meanwhile, jumped nearly 23% year-on-year to a median price of $510,000. It had forecast development spending of $1.2 billion.

In Tasmania’s Central Highlands, a region that includes the towns of Bothwell and Hamilton, the median price rose 54% to $250,000 and the region was set to receive $96 million in additional investment.

In Queensland in the December quarter, the state’s average loan was $501,620, while in New South Wales it was $763,990, Victoria $616,513 and Tasmania $431. $294.

In addition to attractive yield and planned future infrastructure, the local government area also has an unemployment rate at or below the state average, indicating a level of economic activity that will also benefit the region.

To be included in the report, each region also had to have featured 20 or more transactions in each of the past two years.

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