Back
Finance

PRD Report Identifies Ten Affordable Regional Housing Markets Across Australia

Generated on: Last updated: 6 sources
View source

Smart Moves: Regional Edition: Top Affordable Housing Hubs Identified

A report by PRD Real Estate, titled "Smart Moves: Regional Edition," has identified ten regional local government areas (LGAs) in Queensland, New South Wales, Victoria, and Tasmania as affordable housing options for buyers compared to state capital cities.

"Evaluating factors beyond price is intended to ensure regions offer sustainable living and investment opportunities."
— Dr. Diaswati Mardiasmo, PRD Chief Economist

Report Methodology and Findings

The report assessed regional areas based on five key criteria:

  • Affordability compared to the respective state capital
  • Property sales performance and growth
  • Rental yield
  • Local unemployment rate
  • Planned development in the area

Dr. Mardiasmo noted that commercial and infrastructure development is expected to transform these areas into economic hubs where residents can establish livelihoods.

Key Regional Hubs Identified

Central Coast, New South Wales

Located north of Sydney, the Central Coast offers house prices approximately half that of the state capital. The region provides coastal suburbs with direct access to Sydney via train or freeway.

  • Unemployment rate: 3.7% (below the state average of 4%)
  • Rental yields: 2.7% for houses, 4.7% for units

Real estate agent Chad Knight of The Agency Central Coast noted increased buyer interest due to the prevalence of remote work.

Toowoomba, Queensland

Situated approximately two hours from Brisbane, Toowoomba has a median house price about $400,000 less than the capital. The area's median house price more than doubled over the past decade.

  • Rental yield: 4% (higher than Brisbane's 2.9%)
  • Unemployment rate: 3.1%

Brett Richards, an agent with Ray White Highfields, highlighted Toowoomba's commute to Brisbane, a new airport, and proximity to the Gold Coast. Local employment is supported by the Acland coal mine, Oakey army barracks, and meatworks. Toowoomba is scheduled to host equestrian events for the 2032 Brisbane Olympics.

Geelong, Victoria

As Victoria's second-largest city, Geelong offers houses approximately 37% cheaper than Melbourne. Rental yields for both houses and units are slightly higher than in Melbourne.

Tiffany Simpson of Hayeswinckle East Geelong noted the region's proximity to the Surf Coast and Bellarine Peninsula, as well as industries including Deakin University, NDIS, WorkSafe, EnergyAustralia, and various medical centers.

Broader Implications

Dr. Mardiasmo concluded that regional areas with job opportunities, infrastructure, and affordable housing provide buyers with financial stability and reduced debt commitments, alongside potential investment returns.