Regional Australia’s real estate gold mines of 2024
Queensland dominates the top 10 regional locations most popular with buyers, but two other states are seeing surprising strength now.
Queensland dominates the top 10 regional locations most popular with buyers, but two other states are seeing surprising strength now.
New research from NAB, released Friday, reveals six of the 10 regional hotspots for property purchases this year are in the Sunshine State, led by Ipswich, Logan-Beaudesert, and Wide Bay.
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But four spots are split between Victoria and New South Wales, with Newcastle and Lake Macquarie topping the list, which includes all types of property purchasers, including first homebuyers and investors.
NAB executive Denton Pugh said Queensland’s weather, lifestyle, and “surprising pockets of affordability” made it one of Australia’s most popular regional markets.
“Demand for property in the state is rising and showing no signs of slowing down,” Mr Pugh said.
Mr Pugh said demand for regional living had continued to increase since the Covid-19 pandemic.
| Top 10 Regional Hotspots for Property Purchases in 2024 |
| 1. Newcastle and Lake Macquarie, NSW |
| 2. Ipswich, QLD |
| 3. Sydney Outer West and Blue Mountains, NSW |
| 4. Logan - Beaudesert, QLD |
| 5. Wide Bay, QLD |
| 6. Geelong, VIC |
| 7. Moreton Bay - South, QLD |
| 8. Moreton Bay - North, QLD |
| 9. Townsville, QLD |
| 10. La Trobe – Gippsland, VIC |
| Source: NAB |
“Over the past few years, Australians’ love for the regions has only grown stronger, as people prioritise space, affordability, and a sense of community,” he said.
“In the past year, we’ve seen regional Australia grow by 5.4 per cent versus capital cities at 5.1 per cent.
“Fast-growing regional hubs and coastal areas with the right balance of job opportunities, lifestyle benefits, infrastructure and strong, or strengthening, local economies are seeing more significant increases.”
Hotspotting director Terry Ryder expects Ipswich to continue to outperform in 2025, based on rapid population growth and extensive infrastructure developments, including road and rail
upgrades.
“The state government has pointed to Ipswich as the fastest-growing region in
Southeast Queensland with Ipswich LGA’s population of 230,000 residents expected
to more than double by 2046,” Mr Ryder said.
Ipswich was also named one of the top two regions in Southeast Queensland for job
creation in the four years to 2023, with its economy surpassing $13 billion for the first
time, he said.
It comes as a recent report from the Regional Australia Institute (RAI) and the Commonwealth Bank (CBA) revealed population flows to regional Australia were now at their highest level since March 2022.
The report found high property prices and ongoing cost-of-living pressures were prompting more people to move to the regions, while those who had already left the big smoke were staying put.
Geelong and Lake Macquarie accounted for some of the largest shares of net internal migration.
“As we look ahead to 2025, it’s clear the housing market will face some challenges and opportunities. The market has slowed as we head into the New Year, but potential rate cuts mid-next year could boost demand while bringing owners some relief. There’s also the risk of further housing
shortage pressures.”
While the top 10 spots have broadly remained the same from last year, Townsville has made its way onto the list for 2024.
Last week, NAB customer Thomas settled on his first home in the Queensland township. He relocated from Brisbane for work nearly five years ago.
“After renting in Townsville for a few years and saving up, I realised it would be better off for me financially to buy,” he said.
“Compared to Brisbane, buying in Townsville is much more affordable, and you get more acreage. The flip side is it’s also highly competitive.
“When I first started, I thought agents were pulling my chain about the local market’s popularity, but I saw a jump in demand over the six to eight months I was looking to buy.”
When purchasing the property, Thomas also considered the area’s future growth.
“Buying your first home is one of the most important financial decisions you’ll make. While Townsville is convenient for work, I also thought about its increasing potential and opportunities for rental income.
“Like many regional towns, there’s an old school sense of community. Plus, wherever you buy, you’re usually just 20 minutes away from the action.”
Originally published as Regional Australia’s real estate gold mines of 2024
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