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When it came to property purchases in regional areas in 2024, it was clear buyers favoured the lifestyle offered by one state in particular.
According to data from NAB, Queensland led the nation when it came to regional property purchases in 2024, with six locations in the Sunshine State making up the top 10 list of hotspots.
These were the towns where the highest volume of purchases took place outside of Australia’s major cities over the course of the year:
- Newcastle and Lake Macquarie, NSW
- Ipswich, Qld
- Sydney Outer West and Blue Mountains, NSW
- Logan - Beaudesert, Qld
- Wide Bay, Qld
- Geelong, Vic
- Moreton Bay - South, Qld
- Moreton Bay - North, Qld
- Townsville, Qld
- Latrobe – Gippsland, Vic
Though Newcastle and its nearby lake region topped the list, it was clear that the Sunshine State dominated when it came to the buyers’ destination of choice.
NAB executive Denton Pugh said that from an objective point of view, it was unsurprising that Queensland made such a strong showing, with the state’s regional areas boasting both relative affordability and a high level of amenities.
“It may be the beautiful weather and outdoor lifestyle, but the surprising pockets of affordability and the potential for growth are also very attractive. Either way, demand for property in the state is rising and showing no signs of slowing down,” Pugh said.
Pugh credited the nationwide shift that took place during the pandemic – driving Australians out of capitals towards smaller cities and towns – for the popularity of many of the locations on this year’s list.
“Over the past few years, Australians’ love for the regions has only grown stronger, as people prioritise space, affordability, and a sense of community,” he said.
He projected continued popularity – and price rises – in “fast-growing regional hubs and coastal areas with the right balance of job opportunities, lifestyle benefits, infrastructure and strong, or strengthening, local economies”.
While the top 10 spots have broadly remained the same from last year, this was the first time Townsville made an appearance on the list.
NAB customer Thomas, who just purchased his first home in Townsville, commented that while the purchasing process had its challenges, he ultimately felt that buying in the area made for a good long-term investment for his future.
“Buying your first home is one of the most important financial decisions you’ll make. While Townsville is convenient for work, I also thought about its increasing potential and opportunities for rental income.”
In Townsville, he believes he’s found what many Australians have sought in their moves away from big metropolitan centres – convenience and character.
“Like many regional towns, there’s an old-school sense of community. Plus, wherever you buy, you’re usually just 20 minutes away from the action,” Thomas said.
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