Invest
Top 10 inland rural towns to invest in
While it’s become apparent that regional housing markets have stolen the spotlight, having outpaced their capital city counterparts in 2020, new research has shown that inland rural towns have also sprouted in popularity.
Top 10 inland rural towns to invest in
While it’s become apparent that regional housing markets have stolen the spotlight, having outpaced their capital city counterparts in 2020, new research has shown that inland rural towns have also sprouted in popularity.
Housing values across regional Australia climbed 7.9 per cent in 2020, surpassing the growth rate recorded across the combined capital cities by over four times, the latest CoreLogic Property Pulse has revealed.
The top areas attracting buyer attention include high-profile regions such as Byron Bay and Noosa, including semi-rural markets like wine regions and hinterland locations close to the major metro regions.
While the likes of Byron and Noosa have an understandable appeal, Tim Lawless, CoreLogic’s research director, also noted strong housing market conditions in further inland rural markets.
According to CoreLogic, with an apparent revival of the mining sector in certain regions, higher commodity prices as well as rise in investments have sent house prices surging.
“These areas generally do not provide commuting options back to major working nodes, nor the broad-based lifestyle appeal of coastal markets or hinterland locations. But they do provide a variety of other benefits such as low housing prices, low population densities and a rural lifestyle that may appeal to many,” Mr Lawless explained.
He explained that part of the appeal is that these regions tend to exist within their own economic ecosystem, which are driven by agriculture, mining operations and tourism, infrastructure investment or government services.
Many of the top inland rural areas – located at least 200 km from the capital city metro regions – have emerged from long-running drought conditions, while others are benefiting from higher commodity prices, which has driven a lift in mining-related investment.
As such, as many as 32 of the 91 regions had house values tracking at record highs in January 2021.
“Council regions where housing values were at record highs were generally skewed towards the largest rural population centres, where economic conditions generally show greater diversity. Seven of the 10 largest population centres recorded house values at historical highs,” said Mr Lawless.
Of the council regions analysed, the areas of Central West and North Western Queensland comprised four of the top five regions for the largest rise in house values over the past year.
Winton in Queensland had the highest increase in housing values over the past 12 months at 40.5 per cent to a median value of $120,368.
Meanwhile, the most affordable top rural location can also be found in Queensland, at Murweh, which saw a 32.1 per cent increase in values to a median of $89,569.
Overall, the top 10 areas with the highest rise in housing values over the past 12 months are:
1. Winton (Qld) - 40.5 per cent | $120,368
2. Cloncurry (Qld) - 37.1 per cent | $167,507
3. Roxby Downs (SA) - 32.7 per cent | $231,437
4. Murweh (Qld) - 32.1 per cent | $89,569
5. Mount Isa (Qld) - 23.1 per cent | $248,249
6. Walcha (NSW) - 22.3 per cent | $265,387
7. Narromine (NSW) - 21.1 per cent | $212,460
8. Maranoa (Qld) - 18.2 per cent | $204,341
9. Yarriambiack (Vic) - 17.6 per cent | $131,477
10. Moree Plains (NSW) - 16.9 per cent | $153,804
“Overall, Australia’s inland rural markets offer up a diverse array of living options, generally with low price tags,” Mr Lawless commented.
However, with affordability appealing to buyers countrywide, he cautioned that there are risks when jumping into rural markets, especially for investors accustomed to city markets.
“Prospective city folk interested in relocating to the rural areas of Australia might be better off ‘testing the waters’ by renting before buying, just to make sure the rural lifestyle is really their cup of tea,” the research director concluded.
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. ...Read more
Property
Labor’s ‘Help to Buy’ scheme not without its risks
With Anthony Albanese sworn in as Australia’s 31st PM, home buyers are excited at the prospect of accessing the new ‘Help to Buy’ scheme, but a property expert has warned that the risks may be g...Read more
Property
Australia's housing market is entering a ‘broad-based correction phase’
Westpac believes the housing market downturn is now underway. ...Read more
Property
ANZ now expects house prices will end the year lower
With higher interest rates on the horizon, the bank is forecasting larger house price declines than previously expected. ...Read more
Property
Which capital cities are most attractive to property investors?
A new survey has suggested that investor attention is shifting away from Australia’s two largest capital cities. ...Read more
Property
Market uncertainty fails to discourage foreign property investors
While interest from foreign investors in Australian property has remained strong, HLB Mann Judd warned that tax increases could see demand shift to other markets. ...Read more
Property
Regional renters forced to spend more of their income than ever before
Renters in regional areas are spending nearly as much on rent as home owners are spending on mortgage repayments. ...Read more
Property
Aussie home buyers now need to save for over 11 years for a deposit
Since early 2020, the time needed to save for a deposit has increased by more than two years. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. ...Read more
Property
Labor’s ‘Help to Buy’ scheme not without its risks
With Anthony Albanese sworn in as Australia’s 31st PM, home buyers are excited at the prospect of accessing the new ‘Help to Buy’ scheme, but a property expert has warned that the risks may be g...Read more
Property
Australia's housing market is entering a ‘broad-based correction phase’
Westpac believes the housing market downturn is now underway. ...Read more
Property
ANZ now expects house prices will end the year lower
With higher interest rates on the horizon, the bank is forecasting larger house price declines than previously expected. ...Read more
Property
Which capital cities are most attractive to property investors?
A new survey has suggested that investor attention is shifting away from Australia’s two largest capital cities. ...Read more
Property
Market uncertainty fails to discourage foreign property investors
While interest from foreign investors in Australian property has remained strong, HLB Mann Judd warned that tax increases could see demand shift to other markets. ...Read more
Property
Regional renters forced to spend more of their income than ever before
Renters in regional areas are spending nearly as much on rent as home owners are spending on mortgage repayments. ...Read more
Property
Aussie home buyers now need to save for over 11 years for a deposit
Since early 2020, the time needed to save for a deposit has increased by more than two years. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
