Introduction
We’re delighted to introduce the first Ray White Regional Report, providing unparalleled insights into Australia’s regional residential property markets. As the nation’s leading real estate group, Ray White has an unmatched depth of data and expertise when it comes to property sales across regional Australia.
This inaugural report leverages Ray White’s extensive data on property transactions across the country to offer a comprehensive overview of regional markets. The report examines key trends and market performance in Australia’s diverse regional locations.
Ray White’s unique position in the market is a key strength of this report. As the agency with a significant presence in regional areas nationwide, we have an intimate understanding of the regional property landscape. Our extensive national footprint and deep client relationships allow us to identify emerging trends and analyse market shifts with a level of granularity that is simply unmatched, as well as build our database of buyers interested in regional properties.
Whether you’re an investor looking at regional opportunities, a homeowner in a regional area, or simply have a keen interest in Australia’s regional real estate, the Ray White Regional Report is an essential resource. Through incisive data analysis and expert commentary, this report offers a revealing window into the world of regional property - providing the knowledge and insights you need to make informed decisions in these dynamic markets.
Nerida Conisbee
Chief Economist
Executive Summary
Over the past decade, regional Australia has witnessed a remarkable surge in house prices, with an overall increase of 91.6 per cent, climbing from a geometric mean price of $336,203 in 2013/14 to a peak of $644,286 in the latest fiscal year. Among the six states, regional Tasmania led the way with a 124.2 per cent increase in house prices, demonstrating the most substantial growth. Regional New South Wales, after experiencing a 110.5 per cent increase over the last decade, is now the most expensive regional market, surpassing regional Queensland, which grew by only 79.8 per cent.
Sales transactions in regional Australia have exhibited greater volatility compared to price trends. Sales peaked twice, in 2017/18 and 2021/22, but dropped off just as significantly on both times to conclude the fiscal year 2023/24 with 136,268 transactions—just an 8.2 per cent increase over the past decade. Regional Queensland leads in sales with 47,878 transactions, marking a 27.4 per cent growth over ten years. In contrast, regional Tasmania experienced the most significant drop, with a 36.5 per cent decrease in sales, ending at 3,064 transactions.
Regional Queensland not only boasts the highest number of sales but also dominates the list of top suburbs based on price. High-value suburbs in the Gold Coast, such as Surfers Paradise and Mermaid Beach, lead the rankings with geometric mean house prices reaching up to $2.6 million. In terms of price growth, Queensland’s Mount Morgan and Park Avenue have exhibited the highest increases over the past year.
Structure-wise, this report delves into each of the six states—New South Wales, Victoria, Queensland, South Australia, Western Australia, and Tasmania—analysing both price and sales trends1. Each section concludes with an exploration of the five most populous Statistical Area Level 3 (SA3) within each state’s regional area2. In the appendix is the top 50 suburbs ranked by 2023/24 house price and 12-month price growth.
1 Both Australian Capital Territory and Northern Territories were excluded from this report because the count of transactions in their respective regional areas were trivial compared to the six states.
2 Statistical Level Area 3 (SA3) is a grouping of suburbs around urban transport hubs and regional towns with a population in excess of 20,000.