Country and coastal towns feel the pressure as city exodus continues
The Regional Australia Institute says the nation is unprepared for this shift with housing supply a key issue
3 min
More Australians are choosing a life in the regions as local employment opportunities grow and the work-from-home era enables young families to leave expensive metropolitan housing markets for a new lifestyle on the coast or in the country where homes are more affordable.
The Regional Australia Institute (RAI) estimates 3.5 million Australians would like to set up a new life in the regions but we are unprepared for this population shift. The RAI says many regional towns are already struggling to meet the needs of their growing populations, especially in terms of housing supply and essential services like childcare and education.
“A significant societal transformation is underway in Australia,” said RAI CEO Liz Ritchie. “More people are choosing a life in the regions, and metropolitan to regional relocations remain almost 12 percent above the pre-COVID average. With all those additional people calling regional Australia home, we must now ensure that they are able to access the services they need to lead safe, productive, fulfilling lives and contribute to the nation’s success.”
The Federal Government’s newly released State of Australia’s Regions 2024 report reveals key insights as to how the country’s regional areas are changing. It notes significant population increases since the pandemic, especially around coastal cities, and strong economic growth. This is creating more jobs — so much so that regional areas are finding it difficult to fill vacancies.
Job advertisements in regional Australia more than doubled over the four years to October 2023 amid the best three years of agricultural, fisheries and forestry production on record. The tourism industry has also expanded, with more than 100,000 tourism-related businesses now operational across the regions. This is providing a direct economic boost to other local businesses as more visitors flood in. The report also notes that Australia’s net-zero ambitions will require 213,000 new clean energy jobs by 2033, and more of them will be in the regions than the cities.
Ms Ritchie said regional housing supply constraints are already “putting a handbrake on our nation’s growth and prosperity”. Regional areas have as much of a supply issue as the cities, with home values soaring at a greater rate than the capitals, and rental vacancies just as low at an average of 0.8 percent, according to the latest data from Domain. The RAI says that between March 2020 and December 2023, the median value of regional dwellings grew by 54.2 percent from $392,802 to $605,780. By comparison, capital city dwelling values increased by 29.3 percent from $643,540 to $832,193.
“While it is still more affordable to buy in the regions, for now, there is no third option if locals or metro-movers are priced out of the market, and supply fails to meet demand,” Ms Ritchie said.
Last Friday, RAI co-hosted a National Regional Housing Summit in Canberra attended by 300 industry insiders and government figures including the Federal Minister for Housing. The RAI said one of the issues highlighted was the need for housing diversity, especially medium-density developments. RAI analysis reveals that apartments make up just 2-3 percent of the total housing stock in some regional markets compared to more than 42 percent in metropolitan areas.
“Our regional communities are crying out for one- and two-bedroom properties. Workers need easily accessible and affordable accommodation, older people want to leave their large properties for easier-to-maintain apartments, and a lot more people could get into the property market if there were more entry-level options on the market,” Ms Ritchie said.
“In the NSW city of Dubbo, construction is underway on a 15-storey apartment block. This isn’t the sort of development you’d normally expect in an inland community, but it shows that demand for this type of housing is certainly there,” she said.
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For as little as $48,000, buyers can hold a three-bedroom luxury Eveleigh residence in Broadbeach, with completion not due until late 2028.
2 min
Buyers eyeing Eveleigh Broadbeach no longer need to find a full deposit to lock in an apartment.
Using a deposit bond, purchasers can secure one of the development’s 94 premium residences for as little as $48,000, holding their apartment until completion in late 2028 without tying up hundreds of thousands of dollars in cash.
It’s a structure that’s already proving popular. Rather than a full cash deposit of 5 or 10 per cent, buyers pay a one-off fee for a deposit bond, a financial guarantee issued by an approved provider that provides sellers with the same security as cash.
If the purchase completes as agreed, the bond simply expires.
For buyers with sufficient assets but who would rather keep their money working for them, whether that’s an investment portfolio, proceeds from another sale, or savings earning interest, the deposit bond removes the pressure to find a lump sum upfront.
The apartment is secured, the cash stays liquid, and settlement isn’t due for more than two years.
Designed by Rothelowman and developed by Hirsch & Faigen, with construction by Maxcon, Eveleigh is a 30-level tower delivering just four residences per floor across two- and three-bedroom layouts.
Rather than traditional wraparound balconies, living spaces are brought directly to the glass, so the ocean horizon becomes part of the everyday experience rather than something viewed from behind a rail.
Residents will have access to a north-facing pool, hot and cold plunge pools, wellness facilities and indoor and outdoor entertaining spaces, along with a rooftop residents’ lounge offering panoramic coastal views.
The timing suits a market that isn’t slowing down. Broadbeach has recorded capital growth of 20 to 25 per cent year-on-year in some segments over the past 12 months, with vacancy rates sitting around one per cent.
Two-bedroom luxury apartments are achieving $1,500 a week in rent, three-bedroom more than $2,000, on a permanent, long-term basis.
“Secure now with just $48,000 and look forward to your new home in late 2028,” says LJ Hooker Broadbeach principal Matt Conduit.
To find out more about securing an apartment at Eveleigh Broadbeach with a deposit bond, contact Matt Conduit on 0418 741 949
*$49,500 payment is a deposit bond premium, based on a purchase price of $2,870,000. Subject to approved purchasers, Terms and conditions apply.
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