- Queensland dominating with six of the top 10 regional property hot spots
- Regional Australia growth surpassing capital cities
- Mixed outlook for 2025 housing market
NAB data has revealed that Queensland is leading the nation when it comes to regional property purchases in 2024, with six locations in the Sunshine State making up the top 10 list of hotspots.
Top 10 Regional Hotspots for Property Purchases in 2024:
- Newcastle and Lake Macquarie, NSW
- Ipswich, QLD
- Sydney Outer West and Blue Mountains, NSW
- Logan – Beaudesert, QLD
- Wide Bay, QLD
- Geelong, VIC
- Moreton Bay – South, QLD
- Moreton Bay – North, QLD
- Townsville, QLD
- La Trobe - Gippsland, VIC
Despite New South Wales taking the top spot, Queensland's Ipswich, Logan - Beaudesert, Wide Bay, Moreton Bay - North and South, and Townsville have proven to be prime locations for property buyers.
NAB Executive Denton Pugh said it was no surprise Queensland came up as one of Australia's most popular regional markets.
"It may be the beautiful weather and outdoor lifestyle but the surprising pockets of affordability and the potential for growth are also very attractive. Either way, demand for property in the state is rising and showing no signs of slowing down," Mr Pugh said.
On the overall strength of the regional property market, Mr Pugh said the pandemic sparked a shift to regional living, and demand is still increasing.
"Over the past few years, Australians' love for the regions has only grown stronger, as people prioritise space, affordability, and a sense of community," Mr Pugh said.
"In the past year, we've seen regional Australia grow by 5.4% versus capital cities at 5.1%.
"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.
"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."
