Several regional property markets in Australia are booming big time in terms of sales volumes and overall customer demand. Two of the most successful regional markets include regional Victoria and Tasmania which have seen property prices cooling down in recent times, thereby sparking huge buyer demand. There is a huge shift of buyers from some of the biggest Australian cities to regional markets.
Capital cities, particularly the likes of Melbourne and Sydney are now considered more unaffordable for residents and hence buyers are slowly shifting to regional towns nearby where connectivity is not a major issue. The growth in prices has been seen in Sydney majorly and the New South Wales stretch. People in Victoria are choosing affordable regional towns located on the outskirts of Melbourne and this is because of shorter commuting distances and overall affordability in that context.
Tasmania is benefiting from the development of affordable housing over the last few years. The south east coast in Tasmania can be regarded as the best and biggest performer and values of homes have increased here by a whopping 16.3% over the last year or so. Sydney’s markets are still weak although regional areas are doing really well. There is a record property boom being seen in regional towns and other outskirts of big cities like Melbourne and Sydney. This augurs well for the future prospects of Australia’s real estate market as per reports.
