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Australians looking for more affordable housing may need to consider moving to regional areas, as new research by Compare the Market AU highlights significant price differences between state capitals and selected country towns.
In New South Wales, regional towns such as Taree, Tamworth, and Dubbo had the most significant price gaps compared to Sydney. Taree was found to be 133% cheaper on average, while Tamworth and Dubbo were 129% and 123% cheaper, respectively.
Victoria’s price differences were less pronounced but still notable. Traralgon recorded the largest decrease, with house prices averaging 91% lower than those in Melbourne. Mildura followed at 89% less, while Shepparton’s prices were 68% lower on average.
Queensland had the most significant price increases compared to its capital, with housing on the Sunshine Coast averaging 18% more expensive than Brisbane, while the Gold Coast recorded a 15% increase. In Western Australia, Busselton was also 15% more expensive than Perth.
Stephen Zeller from Compare the Market noted that regional locations could offer more affordable housing options but highlighted the need to consider other factors before relocating.
“There are pros and cons to buying in a small country town. It’s a lot more affordable, but what will you do for work? Will you have family or friends close by?” Zeller said.
“Working from home has made it easier to move further away from big cities to places that are more affordable. The lifestyle won’t be for everyone, but it could be your chance to finally get your foot in the door when it comes to owning a home.”
These findings emerge as Australia's housing market shows signs of recovery. In February, national home prices increased by 0.4%, reaching record highs, according to the PropTrack Home Price Index.
