10 small Aussie towns with big property price growth
COVID-19 has altered the dynamics of real estate, putting the spotlight on regional towns as more people look to swap the city rush with the laidback regional lifestyle.
The rising interest in Aussie regions has been touted as one of the biggest positives to come out of the pandemic, as migrating city folk drive job creation and economic growth in towns less favoured a year ago.
According to REA Group chief economist Nerida Conisbee, interest in regional towns is not only being witnessed in the bigger, more established areas, but it’s rapidly rising in the smaller towns with fewer than 1,000 residents.
This is due to an increasing demand for bigger spaces as people are forced to spend more time at home.
But with overseas travel still off the cards for the foreseeable future, and frequently closed state borders, people are also increasingly cashing out on a second home.
Looking at the data, Victoria’s small towns have proven the most popular, with this state boasting four of the top 10 fastest-growing small towns. Queensland and NSW with two small towns each.
Among Australia’s fastest-growing small towns over the last 12 months to December 2020 were:
1. Cape Paterson, Vic | Median: $625,000, Growth: 17.9 per cent
2. Charlemont, Vic | Median, $533,500, Growth: 14.7per cent
3. Callala Beach, NSW | Median: $730,500, Growth: 14.1 per cent
4. Rosebery, Tas | Median: $96,500, Growth: 12.2 per cent
5. Dundee Beach, NT | Median: $230,000, Growth: 12.2 per cent
6. Dundowran, Qld | Median: $455,000, Growth: 11.5 per cent
7. Taroomball, Qld | Median: $460,000, Growth: 11.0 per cent
8. Ventnor, Vic | Median: $585,000, Growth: 10.4 per cent
9. Renwick, NSW | Median: $815,500, Growth: 10.2 per cent
10. Venus Bay, Vic | Median: $360,000, Growth: 9.3 per cent
Moving on to 2021, Ms Conisbee said the regional house price growth will continue, with the beachside suburbs – such as Cape Paterson, Ventnor and Venus Bay – garnering the strongest demand. The mining sector is also tipped to become “one of the major determinants of regional price growth”, particularly in Rosebury, where the median price has risen 12.2 per cent over the past 12 months.
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