The best (and worst) performing regional areas for property around Australia
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The best (and worst) performing regional areas for property around Australia

While home values and rents have reached record highs across the regions, recovery has been slower compared with city property markets

By Bronwyn Allen
Fri, May 31, 2024 12:05pmGrey Clock 4 min

Home values and rents continued to rise across most of Australia’s 50 largest regional markets over the past three months, with median prices and weekly rents at record levels in many areas. Dwelling values across regional Australia as a whole rose by 2.1 percent over the three months to April, according to CoreLogic’s latest quarterly regional market update. This was the fastest rate of growth in nearly two years and outpaced the capital cities, which rose by 1.7 percent.

“After falling 5.8 percent between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high,” said CoreLogic economist, Kaytlin Ezzy. Many regional markets experienced runaway price growth during the pandemic as thousands of people left the cities. Many of the markets that experienced the greatest growth went on to experience the largest corrections.

While regional values and rents overall are at a record high, only 19 of the 50 regions analysed have returned or surpassed their record medians at this point in the recovery. The best performing areas were mostly in Western Australia and Queensland, while the worst performers were on the NSW coast and southern highlands, and in Victoria. In terms of weekly rents, 37 of the 50 regions are at record highs and 47 recorded increases in rents over the past three months.

“Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike. The outlook for regional housing markets will heavily depend on demographic trends, housing supply, localised economic drivers and the outlook for interest rates,” Ms Ezzy said.

Here is a summary of 10 regional markets, incorporating some of the strongest and weakest areas.  

Batemans Bay, NSW  

The south coast town recorded the highest increase in weekly rents over the quarter. Rents rose 6 percent to a median $570 per week. Home values rose 0.4 percent over the quarter to $743,712. Vendors are being forced to discount their original selling prices in Batemans Bay more than any other regional area. The average rate of discounting is 6.5 percent. Over the past five years, home values have risen 47.4 percent and rents have increased by 34.8 percent.

Ballina, NSW

Home values remain 15.9 percent below their April 2022 peak, which is the largest decline among the 50 regional markets at present. The median home value rose 1.1 percent over the quarter to $957,767. Weekly rents increased by 1.7 percent to a median $740 per week. Over the past five years, the median home price has soared 53.9 percent and weekly rents have lifted 35.5 percent.

Ballarat, VIC

Ballarat experienced the largest decline in home values over the three months to April. The median home price fell 2 percent to $541,815. Weekly rents increased by 0.4 percent to a median $425 per week. Over the past five years, the median home price has increased 30.9 percent and weekly rents have risen 22.3 percent.

Ballarat, Victoria

Shepparton – Mooroopna, VIC

Home values rose 1.3 percent over the quarter to $456,331. Weekly rents increased by 1.2 percent to a median $472 per week. Over the past five years, the median home price has lifted 49.5 percent and weekly rents have accelerated 39 percent.

Geraldton, WA

Geraldton recorded the highest quarterly growth in home values of all 50 regions, up 8.8 percent to $394,251. Weekly rents increased by 3.6 percent to a median $475 per week. The rental yield is among the highest of the 50 regions at 6.2 percent. Over the past five years, the median home price has risen 61.4 percent and weekly rents have increased 54.6 percent.

Geraldton, WA Image: Shutterstock

Bunbury, WA

Bunbury recorded the fastest average selling time over the quarter at 14 days. It also had the second highest growth in weekly rents at 4.7% to a median $627 per week. Rents have been rising strongly for an extended period, with Bunbury recording the largest annual rise in rents at 16.4%. Home values rose 6.4 percent over the quarter to $576,979. Over the past five years, the median home price has leapt 68.3 percent and weekly rents have increased by 65.3 percent.

Busselton, WA  

Busselton had the second-highest quarterly growth in home values of all 50 regions, up 7.7 percent to a median $812,050. It also recorded the second fastest selling times of the 50 regions at an average 16 days. Weekly rents increased by 2.8 percent to a median $723 per week. Over the past five years, the median home price has leapt 68 percent and weekly rents have soared 60.3 percent.

Sunshine Coast, QLD

Home values rose 3.2 percent over the quarter to $1,019,013. Weekly rents increased by 4.4 percent to a median $766 per week. Over the past five years, the median home price has grown strongly by 69.1 percent and weekly rents have lifted 46.8 percent.

Coastline at Dicky Beach in Caloundra on Queensland’s Sunshine Coast, Australia

Rockhampton, QLD

Rockhampton is a very affordable market but strong demand amid high interest rates is seeing home values lift at a rapid rate. Home values rose 5.1 percent over the quarter to a median $442,962. Weekly rents rose by 2.4 percent to a median $498 per week. Over the past five years, the median home price has skyrocketed 60.1 percent and weekly rents have charged 48 percent higher.

Launceston, TAS

Home values in Launceston rose 3.6 percent over the quarter to $534,227. Weekly rents increased by 2 percent to a median $491 per week. Over the past five years, the median home price has risen 56.7 percent and weekly rents have accelerated 33.5 percent.



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Ben Broca launched a company last December that offers AI tools to entrepreneurs. He’s already added 10,000 paying customers and is on track to bring in $10 million in revenue this year.

One thing he hasn’t added: any other employees.

The 40-year-old is part of a class of entrepreneurs who are launching, and then often running, new companies on their own. Artificial intelligence tools answer Broca’s emails, help write and debug code, field requests from customers, sign up new subscribers and grant refunds when issues arise.

Broca relishes his ability to make whatever decisions he wants on his own, often from his sun-drenched Sausalito, Calif., living room. “I think compromises make lukewarm results,” he said.

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An analysis by the payments company Stripe shows there are thousands of solo operators on the company’s platform that are generating over $1 million in revenue, with their ranks doubling between 2023 and 2025. The number of solo operators crossing the $10 million threshold nearly tripled in that same span.

In the past, people without business contacts or particular savvy might not have known how to get their ideas off the ground, said Ernie Tedeschi, Stripe’s chief economist. “Now, AI can be a built-in business partner,” he said.

AI’s ability to handle various administrative tasks makes it potentially useful for launching solo businesses in many fields. But the technology’s ability to also handle key tasks in tech, like coding, make that field a particular hot spot.

Analyzing Census Bureau data, Bank of America Institute economist Taylor Bowley found that among all industries, new business applications in the information sector have seen the biggest percentage increase—nearly 45%—over the past year. At the same time, the rate of information-sector applicants saying they plan to hire workers has experienced the sharpest decline of any measured industry.

This Census dataset doesn’t track solo-operated businesses. But the numbers broadly show—in tech and beyond—that applications are flat among businesses likely to hire workers, but generally rising elsewhere. Economists say that’s a strong sign that solo operators are on the upswing.

“The bar for getting started has never been lower,” said Julian Weisser, who runs a San Francisco-based accelerator for solo founders working in tech. The accelerator—which offers founders seed money and mentorship in exchange for an equity stake—attracted 4,500 applicants for 10 slots made available in its most recent cycle, nearly five times the number it drew when it launched last May.

Going it alone with AI can still be surprisingly expensive. Broca said he was losing money on many customers’ accounts while paying to access Anthropic’s Claude to run his clients’ requests—that AI company, as well as others, charges based on usage. He has since switched to free open-source AI models from China.

Broca said he has raised $30 million from investors and, at the same time, has saved millions in salary since he hasn’t needed a team of software engineers.

Another risk: If it’s easy for one entrepreneur to launch an AI-assisted business, copying them can be easy, too. This creates anxiety for founders like Troy Johnston, who runs an AI-assisted business alone in Orlando, Fla.

“Everybody has the sword and we all have the ability to unsheathe Excalibur now,” said Johnston, 40, who used AI to code an app that helps people get the most out of credit card benefits. The company makes around $3,000 a month in profit, with no employees, and is continuing to grow.

Headshot of Troy Johnston.
Troy Johnston said AI’s power and ease of use is an incredible boon for entrepreneurs like him—and also a double-edged sword. Luann Koerper

What one-person businesses will mean for the labor market remains to be seen. Polling has shown Americans are worried that AI will replace jobs, and top economists are wrestling with that possibility, too. But AI is also creating lots of new jobs, and the go-it-alone entrepreneurs show how the technology can both open doors and limit employment opportunities.

“If everyone’s hiring less, but you get four times more firms, what does that do to head count?” said Rembrand Koning, an associate professor at Harvard Business School who studies entrepreneurship. He co-authored a recent study that found that among 50,000 startups the researchers examined, those focused on AI tended to operate with 25% fewer employees.

Koning also believes a soft hiring environment that’s left some people mired in long job searches has encouraged more to try their hand at launching businesses.

Some founders cite different motives. “It’s a perfect storm of post-pandemic burnout and a re-evaluation of one’s priorities, and also booming AI and a sense of what’s possible,” said Samir Ahmad, 39, who lives in Breinigsville, Pa.

Two years ago, Ahmad decided to leave the corporate job he had worked at Verizon for almost two decades to start a solo coaching and consulting business. He had been seeing social-media posts touting the ease and virtues of AI, which he used to chart a business plan and help with marketing. “It was like my chief of staff, a second in command,” he said.

The business ultimately petered out within months, though, and Ahmad is now back to a full-time corporate role with a utility company.

For Claire Vo, 41, AI helped her turn a passing impulse into a business. She was working full-time as a tech executive when she tapped AI in late 2023 to help code an app that would help her manage documentation and design for new products, with customers ranging from financial services to healthcare firms.

“I was copying and pasting from ChatGPT,” said Vo, who lives in San Francisco.

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Claire Vo used AI to code an app that’s on track to make seven figures in profit this year. Claire Vo

She put the app online for $1 a month, and within weeks people downloaded it thousands of times. Nearly three years later, Vo’s company—which she ran solo for nine months before hiring an engineer—now has 100,000 users and is on track to make seven figures in profit this year. AI handles the company’s marketing, sales and customer support.

While AI is a shortcut, Vo said her network and credibility in the industry were key. “I think people over-index on how easy AI is and under-index on how much I did to get to this point,” she said.

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