Today we look at the top regional areas forecast to grow across Queensland, New South Wales and Victoria for houses.
Median prices in our top 20 areas are all under $600,000 which makes them all quite affordable. The top six areas are all in NSW and, bar the Blue Mountains, are all coastal.
Our top location, Wollongong, is forecast to grow by over 7% per annum for the next five years. It also has a solid yield of 5.08% and upward movements in rent.
(Click table to enlarge)
The data from the Australian Bureau of Statistics reveals that the statistical area of Wollongong had a population of 120,524 at Census and 33.9% of people in the area own their home outright. There are still a large percentage of renters – 32.6%, which provides plenty of opportunity for investors. The median rent for the area is $260, lower than the state average of $300 and the national average of $285.
Noosa is the first area outside of NSW to make it to our list with forecast growth of just under 5%. But yields there are reasonable as well. It has a population of 35,896, and 33.7% of residents are renters. The median rent is much higher there at $350, offering good yield prospects.
Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.