After what may have been a once-in-a-generation boom, regional property prices have cooled, which might be welcome news to those still looking to escape the rat-race.
However, for those willing to leave the bright lights of the city far behind there are some areas with solid capital growth that are particularly affordable.
The Covid period saw many city-slickers released from the shackles of the daily commute to the office, allowing them a move to regional areas for a sea or tree change, which caused a surge in house prices.
In the NSW town of Werris Creek you could snap up this nifty property for $190,000, which is below the median price
Since March 2020, the median price for Australian regional areas shot up by 41.6 per but under the pressure of rate rises it has eased by 5.7 per cent since June.
While most of the regional areas still advanced over the past year the much sought-after NSW region of Richmond-Tweed, which includes the Ballina, Byron and Lismore northern rivers, fell by 11.7 per cent over the last quarter.
Repeated flooding has also played a role in bringing houses that were fetching a median of more than $1 million at the market’s peak down to $842,500.
Repeated flooding in the Lismore area, such as this deluge in March, has driven down property prices
The other regions to have substantial falls were NSW’s Southern Highlands and Shoalhaven of 7.1 per cent, which was mirrored by a 7.1 percent fall on the Sunshine Coast in south east Queensland.
The Gold Coast saw properties decline by 6.4 per cent, while the Illawarra had a 6.1 per cent drop and Newcastle and Lake Macquarie fell 6 per cent, according to Core Logic.
If you are looking for a cheap house and are prepared to get well outside the city there are location where strong value growth has not put houses outside the range of affordability.
A modest $212,648 median property price can be found in the Victorian wheatbelt town of Warracknabeal, 338km north west of Melbourne.
To find a property at around the $382,466 price mark in South Australia you could try Port Macdonnell about 477km south east Adelaide, while in Queensland you can snap up a bargain house for $186,025 in Monto which is 474km north of Brisbane.
The charming Queenslander in the Sunshine State is going for just $172,000, again just a little below the median price for the area
The median house price in Collies, 200km south of Perth, is only $240,327 while in George Town, 50km from Launceston, you will find houses for around $377,487.
Travel 378km north west of Sydney and you can snap up a house in the town of Werris Creek for around $244,806.
While some regions are tumbling others remain relatively buoyant and across the regions generally the Covid scramble to get out of the city still has may prices well about what they were pre-pandemic.
For the past year regional medians are still up by 3.2 per cent, compared to capital cities which have fallen 5.2 per cent in the same period.
While that still puts city prices 13 percent above the pre-pandemic levels this is increase is overshadowed by regional properties being 35 per cent more expensive than they were before Covid.
In the top 20 performing markets, typically those close to the capital cities or with proximity to the beach or in pleasant rural surrounds, this meant a bump in median prices from $306,000 to $527,000.
In the Victorian wheatbelt town of Warracknabeal this three-bedroom abode is going for $229,000 which is a little above the town’s median price
According to Domain Chief of Research and Economics Dr Nicola Powell working remotely during the Covid period made many Australians decide they could enjoy the benefits of living away from the capitals.
‘The global pandemic created one of the greatest lifestyle shifts Australians have experienced,’ she said.
The areas that proved most popular were often still close to the capitals or near a beach or perhaps wineries.
This house place with built-in garage will set you back $205,000, which is well below the median price for the WA town of Collie
South east Queensland’s Gold Coast and Sunshine Coast received the biggest numbers of people from the capitals, with a net influx of 37 percent, compared to regional NSW (27 per cent) and regional Victoria (23 per cent).
The strongest performing region over the past year has been the area south east of Adelaide.
It saw growth of 21.7 per cent, followed by the New South Wales regions of Riverina and New England and North West, which rose by 20.5 per cent and 19.8 per cent.
Over the last quarter the only region to see a rise in median prices was Central Queensland, while the south east of Adelaide and the Bunbury in Western Australia held steady.
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