It’s true that Australia’s big cities have struggled of late when it comes to property prices.
Although Sydney and Melbourne appear to be making a comeback, in the last year or so it’s satellite and regional cities that have proved the winners of Australia’s property decline.
Data from property market research group Propertyology shows that places like Baw Baw and Bass Coast in Victoria have seen prices grow 15.1 per cent and 13.1 per cent respectively in the year ending June 2018.
Propertyology head of research Simon Pressley puts this down to the migration of citizens who have found better value outside Australia’s main CBDs.
“The Gold Coast and the Sunshine Coast in Queensland saw the highest surges in popularity,” he said.
“Broader analysis shows that satellite cities, or cities on the fringe of capital cities, as well as major regional cities are destinations of choice for Australia’s internal migrants.”
Indeed, Mahala, Mermaid Beach is yet another example of the continuing growth on the Gold Coast.
Designed by award-winning Cottee Parker architects and located in one of the most desirable neighbourhoods, it offers breathtaking coastal views, just a few minutes walk from the beach.
“A steady increase in population is likely to strengthen property prices in these regions,” Pressley added.
More and more people are re-evaluating their need to remain in a capital city and being lured to the many wonders in other parts of our diverse country."
With more people willing to live outside the CBD, developments are starting to follow suit. Take HOME by Caydon as an example.
A collection of architect-designed Terrace Homes, Skyhomes and Apartments, HOME is located in Alphington, Victoria.
The development is taking advantage of a leafy Melbourne suburb, just 6.5km north-east of the city, in order to keep prices lower, without sacrificing the quality.
Pressley expects these trends to continue, with further growth predicted in more regional economies due to the 60,000 jobs that are reportedly not being filled by locals — which may see more immigrants choosing to settle in these areas.
Other areas that saw a dramatic rise in median house price change include Greater Geelong in Victoria, which saw a 11.9 per cent increase. Noosa, in Queensland, rose by 10.5 per cent and Ballina, in New South Wales, grew by 7.1 per cent.
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