The top regional price review 2024 examines short-term shifts in sale and rental markets for houses and units across regional NSW, VIC, QLD, SA, WA and TAS, excluding capital cities. The report delivers a granular view of how regional markets are performing over time, highlighting trends and variations at a local level and offering a consistent lens through which to gauge market dynamics in the regional Australian property market.
Top Regional Price Review 2024 Highlights
The report highlights considerable variability across regional Australian property markets, with notable strength in key Western Australian and Queensland regions. House sale prices in Western Australia’s Wheat Belt - North rose by an impressive 32%, followed closely by Bunbury (WA) and Townsville (QLD), at 24% annual growth. In the unit market, Tasmania’s West Coast experienced a dramatic 100% increase in median sale prices, while Noosa Hinterland (QLD) and Wheat Belt - South (WA) also demonstrated strong gains at 43% and 39% respectively.
Rental markets similarly showed marked shifts. House rents surged in Gascoyne (WA) by 29%, wtih Kimberley (WA), Wheat Belt - North (WA) at 23%. WA’s Mid West and QLD’s Bowen Basin – North both sat at 20%. On the unit side, Esperance (WA) saw a 22% increase, supported by buoyant gains in Biloela (QLD) at 20% and Augusta - Margaret River - Busselton (WA) also at 20%.
The top until and house price increases across the last 12 months in each state included:
Unit:
- Tamworth – Gunnehah (NSW) at 26%, Maryborough – Pyrenees (VIC) at 17%, Noosa Hinterland (QLD) at 43%, Murray and Mailee (SA) at 34%, Wheat Belt – South (WA) at 39% and West Coast (TAS) at 100%.
House:
- Young – Yass (NSW) at 23%, Murray River 0 Swan Hill (VIC) at 17%, Townsville (QLD) at 24%, Lower North (SA) at 20%, Wheat Belt – North (WA) at 32% and North East (TAS) at 8%.
These findings signal that both sale prices and rents in regional markets are adapting swiftly to local demand patterns, resource-related influences, and evolving lifestyle preferences. The pronounced uplift in Western Australia’s and Queensland’s markets likely reflects ongoing economic confidence in key resource and tourism corridors, as well as infrastructure developments and shifting population dynamics.
Tasmania’s extraordinary unit price performance suggests that niche lifestyle and holiday markets are capturing heightened buyer interest. Meanwhile, New South Wales, Victoria, and South Australia show more moderate yet meaningful improvements, reinforcing the notion that regional property performance is far from uniform.
These results underscore the importance of focusing on localised market conditions when making investment and portfolio decisions. As growth drivers differ from one SA3 to another, potential buyers and investors would benefit from carefully assessing fundamentals such as local economic activity, infrastructure upgrades, and demographic trends.
The December 2024 report ultimately provides a timely and informative lens through which stakeholders can navigate an increasingly diverse regional Australian property landscape.