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10 regional hotspots where property prices ‘doubled’: ‘Increase of $1 million’

Median property prices in Bowral have increased more than $1 million over the last decade to hit $1.72 million.

Tamika Seeto
·Finance Reporter
Updated ·4-min read
Ray White chief economist Nerida Conisbee and Toowoomba property
The non-coastal suburbs in Australia that have experienced the biggest price growth have been revealed, with Toowoomba topping one list. (Source: Supplied/Getty)

When you think of regional property hotspots, coastal regions like the Gold Coast or the Sunshine Coast might be the first thing that springs to mind. But there are a number of inland regional areas that have “more than doubled” in growth over the last decade too.

The Southern Highlands in regional New South Wales has experienced the biggest growth out of the inland regional areas, according to new Ray White and Neoval research. Bowral topped the list, with prices increasing by more than $1 million over the last decade.

Areas in inland Victoria have also seen a boost, with Woodend and Daylesford - areas known for their spas - both seeing increases of more than $460,000.

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When it comes to shorter-term growth, Toowoomba and surrounding regional Queensland areas have dominated the list. The area has accounted for nine out of the top 10 growth areas over the past year, with prices in Middle Ridge in Toowoomba increasing by just over $100,000.

Ray White chief economist Nerida Conisbee said there were a few commonalities between the regional hotspots driving up prices.

“The top inland performers are relatively close to capital cities. This makes it possible to commute to a larger city for work if required,” she said.

“Most of them have a large number of older historic homes and are attractive leafy suburbs with a high level of amenity, similar characteristics to many capital city suburbs that have seen very strong growth over a prolonged period.”

Conisbee said the Gold Coast had seen the strongest regional growth area overall, with the median prices in the Mermaid Beach and Broadbeach area increasing from $1.1 million to $2.5 million.

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Biggest price growth over last 10 years:

  1. Bowral, NSW up $1,000,033 to $1,719,471

  2. Robertson Fitzroy Falls, NSW up $921,252 to $1,548,272

  3. Berry Kangaroo Valley, NSW up $881,743 to $1,488,809

  4. Southern Highlands, NSW up $766,938 to $1,308,811

  5. Mittagong, NSW up $641,489 to $1,134,749

  6. Moss Vale Merrima, NSW up $627,708 to $1,074,470

  7. Seaham Woodville, NSW up $544,086 to $1,068,222

  8. Woodend, Vic up $488,757 to $998,011

  9. Hill Top Colo Vale, NSW up $471,035 to $873,040

  10. Daylesford, Vic up $462,081 to $851,895

Biggest price growth over last 12 months:

  1. Middle Ridge, QLD up $101,238 to $921,127

  2. Toowoomba West, QLD up $100,788 to $675,678

  3. Rangeville, QLD up $97,315 to $767,028

  4. Highfields, QLD up $95,027 to $834,463

  5. Gatton, QLD up $86,981 to 503,233

  6. Cambooya Wyreema, QLD up $86,413 to $648,780

  7. Darling Heights, QLD up $84,688 to $637,757

  8. Toowoomba East, QLD up $81,627 to $848,200

  9. Wilstonton, QLD up $76,566 to $531,742

  10. Tanunda, SA up $72,259 to $664,199

Property prices are continuing to rise across Australia but new data shows the real estate market is showing signs of slowing down.

National home values increased 0.5 per cent in August, CoreLogic’s Home Value Index found, representing the 19th month in a row of growth.

Price growth was varied across the country, with Sydney, Brisbane, Adelaide and Perth seeing price increases over the month, and Melbourne, Hobart, Darwin and Canberra recording declines.

Core Logic head of research Eliza Owen said affordability constraints were a key factor behind the broader slowdown. She noted high levels of growth in Perth, Adelaide and Brisbane would be “difficult to sustain”.

“Housing values cannot keep rising at the same pace in the mid-sized capitals of Perth, Adelaide and Brisbane when affordability is becoming increasingly stretched, particularly in the context of elevated interest rates, loosening labour market conditions and cost of living pressures,” Owen said.

The average home is now valued at $802,357 across the country and $637,660 in the combined regional areas. In Sydney, it has hit $1.18 million, in Brisbane $875,040 and in Melbourne $776,044.

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