Australia’s most affordable regional cities

The nation’s most affordable regional cities have been revealed with one state well ahead of the others. See the top 10.

Aleisha Dawson

2 min read

April 3, 2024 - 11:23AM

News Corp Australia Network

Aerial shot of Townsville. Picture: Supplied

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The nation’s most affordable regions have been revealed with Queensland continuing its reign in the spotlight.

The Roaring Regions Top 10 Affordable Regional Areas 2024 report by PRD, has revealed Mackay, Toowoomba and Townsville were the top performing regions in Australia with boxes ticked against price, growth, investment, new development and low unemployment.

They join Dubbo (NSW), Tamworth City (NSW), Griffith City (VIC), Ballarat (VIC) and Shepparton (VIC), Wodonga (VIC) and Central Coast (TAS) to round out the top 10.

The top three most affordable cities are in Queensland. Picture: Heidi Petith

“The Top 10 Affordable Regional Areas 2024 provides options to those looking to achieve the great Australian dream of home ownership, looking at areas outside of the metro and capital city,” PRD chief economist Dr Diaswati Mardiasmo said.

“In the past 12 months to December quarter 2023, the weighted average capital city Australian median house price grew by 5.3% to $1,005,242.

“All chosen LGAs have a median house price of less than $600,000, which is a much higher threshold than the 2023 report of $500,000.”

Mackay is one of our most affordable regional locations. Picture: Heidi Petith

The report revealed 2024 marked a new economic period in Australia, with the cash rate held for the first time after a series of hikes.

“This brought cautious hope for many in the industry regardless of their property journey,” Dr Mardiasmo said.

“There is now evidence of a market recovery, which is mostly occurring in under supplied areas, with no to very little new stock planned for construction.

The report also found first-home buyers increased by 16.8 per cent in the first quarter of 2024 and 12.8 per cent over 12 months to December, 2023.

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Aerial shot of Townsville City and Castle Hill. Picture: Alix Sweeney

Townsville’s Sammi Brunetto and Jayson Crutchfield recently bought a block of land to build their first home on after renting in the region for seven years.

“We were not having much luck with rentals in Townsville, as many investors would sell,

forcing us to move nearly every year,” Ms Brunetto said.

“We were in the car one day, and I was scrolling through Facebook and saw an ad about owning your own home, so one thing led to another and we were on the way to being home

owners.”

Townsville’s Sammi Brunetto and Jayson Crutchfield recently bought a block of land to build their first home on.

The couple bought a 395sq m block in The Reserve in Townsville’s Bohle Plains and said they were drawn to the estate’s location, land size, and affordability.

“We cannot believe we are homeowners, it has been such a surreal process, but we finally got there,” she said.

National developer Urbex, who was behind The Reserve, have recently launched one of the largest residential-zoned developments in Townsville.

Urbex acquired a 80.27ha site in mid 2022 in a move to combat the growing population and new homebuyer and investor interest demand.

Urbex are planning 850 sites at the Somers and Hervey development over the next 15 years.

Their plans include 850 sites at the Somers and Hervey development over the next 15 years.

Urbex Realty general manager Craig Covacich said he had seen strong demand in Townsville from first home buyers and investors looking at new home construction.

“Recently we have seen a boost in demand and increased buyer confidence for new home

builds, with six sales in seven days at our Bohle Plains development, The Reserve,” Mr Covacich said.

“We know the demand will continue to grow as new home buyers and investors look to enter the property market in Townsville and we are thrilled to offer diverse, open plan sites to suit every buyer or investor.”