Regional property markets are anticipated to grow this year, giving capital-city markets a run for their money.
Citing the 2019 McGrath Report, the Real Estate Institute of New South Wales reported that regional bridesmaid cities are starting to challenge the real estate brides of Sydney, Melbourne and Brisbane. These regional markets boast remarkable population growth, buzzing local economies, improved amenities and infrastructure, and affordable housing and rising attractive lifestyles as capital cities become busier and more expensive.
“Improved infrastructure has made commuting times faster between regional suburbs and capital cities. Coupled with the [National Broadband Network] rollout and the GovHubs bringing more jobs to regional areas, buyers are beginning to see the appeal of these regions,” said McGrath Estate Agents founder John McGrath.
The report identified the Gold and Sunshine Coasts, Geelong and Newcastle as Australia’s leading regional hubs. These areas have been recording significant price growth thanks to strong demand.
“Newcastle’s appeal to cash-poor, asset-rich Sydney residents is obvious. As Australia’s largest coal port by volume, and the economic hub of the Hunter Valley, it boasts a world-class university, vibrant coastal lifestyle and strong employment growth,” McGrath said.
McGrath also said that people should immediately invest in Western Sydney to reap rewards in the near future, noting that the region has “vast untapped potential.”
“We’re on the cusp of what will go down in history as the great renaissance of Western Sydney. New infrastructure about to come online will buck the trend and re-rate local home values in certain areas. Billions of dollars in government investment, hundreds of thousands of new jobs, massive new public transport and Sydney’s second international airport are set to transform this region and electrify our most affordable housing market,” he said.
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