The Australian regions where property buyers are cleaning up
Affordability and lifestyle factors are driving home buyers to these regional areas, but it’s still a case of buyer beware
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Savvy property investors might do well to head to the regions for their next purchase, if market trends are correct.
That’s the news from CoreLogic’s quarterly regional Market Update, with data showing regional housing markets continuing to outperform properties in capital cities.
Mining regions in Queensland and Western Australia lead the charge once again, with regional towns in those states taking out the top 10 spots.
The Queensland town of Mackay was the top performer over the quatter, with 8.3 percent growth, followed by Geraldton in WA (8.2 percent) and Townsville (6.6 percent). Geraldton also experienced the strongest annual growth, up 28.7 percent. Western Australian regional towns also delivered the highest gross rental yields.
Report author and CoreLogic Australia economist Kaytlin Ezzy said affordability was a strong factor in the growth these areas had experienced.
“Regions like Mackay, Geraldton, and Townsville are seeing exceptional growth, driven
by affordability advantages compared to our major cities, as well as lifestyle appeal,”
Ms Ezzy said.
“This will have contributed to the strong demand but even with the impressive growth,
for those with the capacity to service a mortgage, they still remain attainable with
medians less than $600,000.”
However, CoreLogic noted that not all regional housing markets were showing signs of growth with Batemans Bay on the NSW far south coast the worst performer, seeing a fall in housing values of -2.7 percent. The Victorian town of Warrnambool was right behind, down -2.6 percent. The once-prosperous gold rush town of Ballarat in Victoria experienced the greatest fall over the year, down -6.3 percent.
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The nearly 10,000-square-foot home stands right at the entrance to the Amazon billionaire’s grand, $165 million estate.
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A home that’s right at the entrance to Jeff Bezos’s Beverly HIlls estate, which the billionaire purchased for $165 million in 2020, is now on the market asking $19.8 million.
Shaded by mature olive trees, the three-story modern mansion on Angelo Drive spans nearly 10,000 square feet, and includes five bedrooms, a bar and lounge, a home cinema, a pool with floating benches, and a 15-car garage.
The modern home centers around a striking wood staircase that extends through all three floors, creating an eye-shaped spiral.
Other design choices include a full-height black marble fireplace, herringbone wood flooring, grayscale marble backsplashes in the kitchen and bathroom, banks of floor-to-ceiling windows and a seating area in the middle of the pool.
There is also an outdoor kitchen and eating area poolside, and a living space with sliding doors that open directly onto the pool deck, for indoor/outdoor living.
The home was built in 2021 and designed by Gabbay Architects for the owner, who purchased the underlying property for $4.1 million in 2015, according to property records accessed through PropertyShark.
The seller, who runs a Beverly Hills-based plastic surgery practice, could not immediately be reached for comment.
The Benedict Canyon house came to market Friday with Tomer Fridman of Christie’s International Real Estate. He could not immediately be reached for comment.
The Bezos estate is also known as the Warner Estate, named after its first owner, Hollywood mogul Jack Warner of the Warner Bros.
After Warner, the 9-acre estate was owned by music executive and film producer David Geffen, followed by Bezos. The property includes a palatial Gregorian Revival mansion built in 1939 and designed by architect Florence Yoch to befit the status of one of the most powerful men in Hollywood.
At $19.8 million, the new listing offers quite a deal compared to other properties neighbouring Bezos. In Florida, the owner of a vacant lot next door to the Amazon founder’s estate on Indian Creek Island is asking $150 million for it.
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