FOR another year, Greater Shepparton has again been identified as being one of Australia’s top 10 affordable regional areas for real estate investment. PRD Real Estate recently analysed all of Australia’s non-metro areas to determine the 10 best towns for regional property investment in 2024, with Greater Shepparton being named eighth.
All regional cities were ranked according to their affordability, property trends, rental yield, projected development and unemployment rate.
As of the December quarter 2023, housing affordability in New South Wales, Victoria, South Australia, Tasmania and Australian Capital Territory are all at their lowest points in 20 years, according to PRD, with the weighted average capital city Australian median house price growing 5.3 per cent to $1,005,242.
The chosen LGAs have a median house price of less than $600,000, which is much higher than PRD’s 2023 report of $500,000, reflecting the growing unaffordability of homes. However, the $600,000 threshold is approximately 33.9 per cent lower than Melbourne’s median house prices in the December quarter, providing hope to first home buyers looking for land out of the city.
Researchers at PRD deemed the following 10 regional locations as affordable places with solid fundamentals for sustainable
future growth:
Mackay Regional Council (QLD)
Toowoomba Regional Council (QLD)
Townsville City Council (QLD)
Dubbo Regional Council (NSW)
Tamworth City Council (NSW)
Griffith City Council (NSW)
City of Ballarat (VIC)
City of Greater Shepparton (VIC)
Wodonga City Council (VIC)
Burnie City Council (TAS).
