Regional WA & Queensland Lead Property Growth – CoreLogic

Regional property markets in Western Australia and Queensland are outpacing capital cities, with mining towns and lifestyle regions driving growth, according to CoreLogic’s latest Quarterly Regional Market Update.

Strong Growth in WA & Queensland

Regional dwelling values rose 1.1% in the three months to October, compared to just 0.8% in capital cities. Leading the charge were Mackay (+8.3%), Geraldton (+8.2%), and Townsville (+6.6%). Over the year, Geraldton saw a staggering 28.7% increase, adding over $100,000 to median property values.

CoreLogic economist Kaytlin Ezzy attributes this to affordability and lifestyle appeal: “These regions offer more value compared to major cities, making them attractive for buyers.”

Coastal Markets Struggle

In contrast, some coastal areas in NSW and Victoria are seeing declines. Batemans Bay recorded the largest drop (-2.7%), with other locations like Warrnambool also softening post-COVID.

Ezzy notes: “These markets boomed early in the pandemic, but affordability pressures and other headwinds have now tempered growth.”

Regional Rentals Outperform Cities

Regional rental markets are also thriving, with rents up 0.5% over the quarter. Albany (WA) led with a 3% increase, while Geraldton’s annual rents jumped 14.6% (+$66 per week). Kalgoorlie-Boulder posted the highest gross rental yield at 8.8%.

Sales Activity Remains Strong

Regional sales continue to rise, particularly in Geraldton (+44.2% annually) and Gladstone (+34.3%).

“Momentum in these regional markets remains strong despite broader economic pressures,” Ezzy said.

With affordability, lifestyle appeal, and solid rental returns, WA and Queensland continue to attract buyers and investors looking beyond the capitals.