How much it costs to live in the top NSW tree-change towns for wellbeing

Regional areas in NSW with the highest levels of wellbeing not only offer a slower pace of life but greater affordability too.

The median house prices in four of the top five regional areas are much less than the current Sydney median house price of $1.63 million.

Blowhole Point at Kiama – one of the regional council areas that scored the best for well-being.

The Wingecarribee Shire, Queanbeyan-Palerang Regional, Snowy Monaro Regional, Kiama and Newcastle local government areas had the highest well-being scores in regional NSW in the 2023 Cities and Regions Wellbeing Index by SGS Economics and Planning.

Each region in the report was tracked based on seven categories: economy; income and wealth; employment, knowledge and skills; housing; health; equality, community and work-life balance; and environment.

Separate figures from Domain reveal the median house price in the top-scored LGAs.

Kiama is the highest of the five at $1.5 million (and the closest to Sydney’s median). It was followed by Wingecarribee, the home of Bowral, at $1.15 million, Queanbeyan-Palerang Regional at $857,500, Newcastle at $850,000 and Snowy Monaro Regional at $585,000 as of the March quarter.

SGS Economics and Planning senior associate Michelle Tjondro said the biggest difference in urban and regional outcomes around the nation came down to the economy and health access.

“[Capital cities] have got access to a diverse and skilled workforce and a larger pool of workers as well, compared to some regional areas… We can access health care when we need it sooner, we’ve got more choice as well,” she said.

Tjondro said the top five regional NSW areas for wellbeing all shared close proximity to Greater Sydney, which has flow-on implications for the economy as well as greater access to a range of universities. However, the economy category really varied from 16th for Newcastle and Snowy Monaro at 346th.

“One of the drivers for the regional migration that we saw during the pandemic was the search for better rental affordability. And that was one of the clear findings from our research, rental affordability tends to be worse in urban areas and better in regional areas,” she said.

Wingecarribee real estate agent Henry Capel said buyers are attracted to the region due to its good schools and lifestyle and its proximity to Sydney – Bowral is only an hour and a half drive from the city.

“It’s still got somewhat of a small-town feel. But all the services are here.”

Capel said housing prices can vary from more expensive the closer to Bowral, to more affordable the further away from the town centre. An entry-level home in the “outer villages” could be from $750,000 to $1 million, whereas a four-bedroom family home in Bowral could range from $1.3 million to $1.4 million.

The region continues to draw plenty of Sydneysiders. Capel himself relocated from the big smoke seven years ago, noting the slower pace of life with plenty of walks, parks and cafés.

In the Snowy Monaro region, the area ranked third when it came to well-being, and first in terms of affordability. The alpine town of Jindabyne is a popular holiday hotspot during winter.

Shannon Fergusson principal of McGrath Snowy Mountains says the lifestyle activities of Lake Jindabyne, the ski fields and Snowy Mountains attracts sporty adventurous types.

“Unlike a lot of other country or regional towns, Cooma, Jindabyne, this whole area has those lifestyle activities that not a lot of other areas have. They don’t have the mountains, they don’t have big lakes. They’re not an hour and a half from the coast or an hour from Canberra,” he said.

Fergusson credited Snowy Hydro 2.0 with bringing families working on the project as well as investors to the area. He said an entry-level home can start at $550,000 and a family home could start from $800,000.

“It is a good, safe, clean, healthy place to live. We have basically zero crime,” Fergusson said. “A lot of other areas don’t get that change in season whereas here it’s definitely winter, definitely spring, autumn and summer… You don’t get those long periods of long, hot, dry [summer].”

In Newcastle, Anthony Merlo from Colliers Residential Newcastle says the healthcare available is top-notch, which means not only do medical professionals relocate for quality of life, but it’s also a main drawcard for families and retirees.

Merlo noticed a recent influx to the area was due to the parents of adult children who had moved during lockdowns.

“We did find that there was a bit of a second wave where … parents also sold and moved to Newcastle to be closer to their grandchildren.”

Prices for an entry-level home range from $700,000 for a one bedroom unit in the harbour precinct, while a family home in Fletcher could be $1.2 million. However, the same property in Merewether could cost $3.5 million-plus, Merlo said.