Chinchilla, Miles recognised nationally as property growth areas
Two Western Downs towns have been highlighted as promising locations for investors, as more Australians flee capital cities in search of affordable living.
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Chinchilla and Miles have been named in the top 10 Australian regional cities for lowest median unit prices by a leading analytics company.
CoreLogic is a property information, analytics, and service provider that identifies trends in real estate markets for its clients across Australia.
Their Best of the Best 2020 report listed Chinchilla and Miles as potential growth areas for investors looking for smart buys in regional Australia.
The report highlights the growing narrative of Australians “fleeing capital cities” in search of a lifestyle change, with statistics indicating regional Australia had outperformed the combined capital cities market.
“Annual growth across combined regional Australian dwellings in November 2020 was 5.7 per cent compared with 2.4 per cent across the combined capital cities dwelling market,” the report said.
“But this divergence in performance can be attributed to a combination of factors, including the new found popularity of remote working, but also less of a demand shock across regional Australia caused by border closures, and the relative affordability of regional Australian dwellings.”
Miles and Chinchilla claimed fourth and fifth in Australia for median sale prices for units, selling 10 and 22 units respectively, going under the hammer for a median price of $125,303 and $130,583 each.
These low prices partnered with the unit sales saw them clench third and fourth places in Queensland, only losing to two regional areas in the Whitsundays.
Chinchilla clenched another notable honour this year, coming tenth in Australia, and ninth in Queensland for the highest rental yields in regional areas.
This was shown by Chinchilla’s 8.6 per cent rental yield in 2020, with the median rental value equating to $229 a week.
You can find more about these statistics in their report here.
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