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New CoreLogic data has pinpointed the regional markets that offer value to property investors and first home buyers as well as those with low unemployment and cheaper housing.
CoreLogic head of research Tim Lawless offered new data insights for home buyers looking to enter the regional market where the unemployment rate is below 4 per cent.
According to Mr Lawless, moving further afield is likely to become a growing phenomenon as surging house prices in capital cities means many homes are well out of reach.
“For many people, considering a move involves much more than simply relocating. Most will require secure employment and in a region that is proximate to a variety of amenity and essential services such as schools, healthcare and shopping facilities, particularly if they have a family, or are considering starting a family,” Mr Lawless said.
The two top marketplaces in the country where unemployment was lower than 4 per cent and had a labour force of at least 10,000 were Wellington in NSW and Isaac Region in Queensland.
The agricultural town of Wellington had a median house value of $212,221 and had a low unemployment rate of 2.2 per cent.
The mining region of Isaac had an unemployment rate in 2015 of 3.2 per cent but has since dropped to 1.8 per cent.
Isaac’s housing market has fluctuated. It fell by 67 per cent between October 2012 and February 2017 but has since increased by 12 per cent to sit at $221,677.
Other areas with a low unemployment rate and cheaper housing were Ashburton, Alice Springs and many coastal areas on the east coast.
Mr Lawless said that there were plenty of areas in Australia that would suit any lifestyle.
“There are plenty of locations on the list of suburbs that offer a more appealing blend of strong labour markets as well as lifestyle factors,” the researcher said.
Coastal markets such as Port Macquarie-Hastings, Tweed and Ballina offer up a rich blend of low unemployment, amenity and lifestyle but had slightly higher housing prices.
Major service centres like Dubbo and Orange had much lower housing prices while still offering low unemployment.
Mr Lawless did urge caution to those moving to regional areas as these often had less on offer than the cities.
“Prospective buyers considering a move away from the capital cities in search of more affordable housing options might be best renting first, just in case country living isn’t for them,” Mr Lawless said.
“While housing prices are generally much higher in capital cities relative to their regional counterparts, the diversity of amenity, social options and job opportunities can often be hard to match.”
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