Regional Australia’s real estate market is booming in 2024, with Queensland dominating the top 10 regional locations most popular with buyers. According to new research from NAB, six of the hottest property spots are in the Sunshine State, led by Ipswich, Logan-Beaudesert, and Wide Bay. However, Victoria and New South Wales are also seeing strong demand, with Newcastle and Lake Macquarie topping the list.
NAB executive Denton Pugh highlighted Queensland’s appeal, citing factors like weather, lifestyle, and pockets of affordability driving its popularity. The demand for regional living has surged post-Covid-19, with Australians increasingly valuing space, affordability, and community connections over city life.
Hotspotting director Terry Ryder predicts continued growth in Ipswich in 2025, fueled by rapid population expansion and significant infrastructure projects. Ipswich, identified as Southeast Queensland’s fastest-growing region, is expected to double its population by 2046, with a booming economy and job creation prospects.
Recent data from the Regional Australia Institute and the Commonwealth Bank shows a surge in population movement to regional areas, driven by high urban property prices and living costs. Geelong and Lake Macquarie are witnessing substantial internal migration, reflecting the trend of city dwellers seeking a better quality of life in regional settings.
Looking ahead to 2025, the housing market faces both challenges and opportunities. While there has been a recent slowdown, potential interest rate cuts could boost demand and alleviate housing shortages. The top 10 regional property hotspots have remained relatively consistent, with Townsville making its debut on the list, reflecting its growing popularity among buyers.
One NAB customer, Thomas, recently purchased his first home in Townsville, emphasizing the town’s affordability and lifestyle advantages over Brisbane. Thomas noted the competitive market but saw long-term investment potential and a strong sense of community as key factors in his decision-making process.
As Australians continue to prioritize regional living, the real estate landscape is evolving to meet changing preferences. With a focus on space, affordability, and community, regional markets are poised for sustained growth and development in the coming years.
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