What Are The Top 10 areas for the most regional growth in Australia?

Buyer’s are now looking towards more affordable options, and with moving to regional areas, the value of the developments is estimated to exceed the billion-dollar-plus mark this year. 

Locations around the country were analysed by the PRD Stand Out Regions Report and then ranked according to their median price affordability, indicators for property investment, local employment growth and sustainable economic futures. 

Let’s take a look at The Top Ten Areas for Regional Growth…

Rank

Location

Developmental Value 2021

Residential Projects Commencing 2021

1

Whitsunday, Qld

$1.49bn

  • 514 lots

  • 216 dwellings

2

Mackay, Qld

$1.11bn

  • 914 lots

  • 6 dwellings

3

Toowoomba

$1.36bn

  • 381 lots

  • 230 dwellings

4

Port Stephens, NSW

$1.36bn

  • 61 lots

  • 43 dwellings

5

Greater Hume Region, NSW

$578m

  • 32 lots

  • 0 dwellings

6

Federation, NSW

$1.12bn

  • 0 lots

  • 0 dwellings

7

Greater Bendigo City, Vic

$1.21bn

  • 1,858 lots

  • 89 dwellings

8

Greater Geelong, Vic

$7.52bn

  • 2,519 lots

  • 5,490 dwellings

9

Warrnambool, Vic

$591m

  • 0 lots

  • 68 dwellings

10

Circular Head, Tas

$1.43bn

  • 0 lots

  • 0 dwellings

SOURCE: PRD Stand Out Regions report

Surprisingly, a large portion of the development was a result of commercial, infrastructure, and industrial projects which were set to start this year. Projects such as solar farms, commercial hubs, and transport links will further improve the quality of life in these regions. 

According to the PRD Stand Out Report “regional areas have become the most attractive option throughout 2020… In the December quarter of 2020, all capital cities saw a surge in price growth annually”, thus the interest in buyers capitalising in lower median property prices. 

Queensland has topped the regional affordability charts, they are also experiencing a huge demand with unit rent going up above Melbourne prices.

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