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
Affordability and lifestyle factors are driving home buyers to these regional areas, but it’s still a case of buyer beware
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.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
An architectural jewel of Victoria’s Goulburn Valley, the Noorilim Estate stands as one of Australia’s most extraordinary Italianate mansions.
Legend has it that opera icon Dame Nellie Melba performed in the minstrels’ gallery and current-day hitmaker Tones and I filmed a music video at Noorilim estate. The high profile property has even been the breeding ground for multiple Melbourne Cup winners including 1910 champion, Comedy King, who was laid to rest within the grounds.
In 1998, prominent art dealer and entrepreneur behind Menzies International, the late Rod Menzies and his wife Carolyn, bought Noorilim for $3.325 million and set about restoring the Italianate mansion to its former glory.
Today, the 65ha property in the heart of the Goulburn Valley is on the market for only the third time in the past 50 years via Sean Cussell of Christie’s International Real Estate with a price guide of $15m.
During the Menzies’ ownership, the glamorous country estate was a venue for weddings, concerts, and private events, welcoming a long list of international guests. Chart-topping artist Tones and I filmed the video for her song Bad Child at the estate, and the period property has played its part in numerous films and television series. Singer and actor Ted Hamilton, known for roles in Division 4, Homicide, The Love Boat, M*A*S*H and Hawaii Five-O, was also a regular performer at the address.
Given its stately grandeur, Noorilim was even a successful auction centre for fine art with works by Brett Whiteley, Sidney Nolan and Jeffrey Smart sold under the hammer at the property.
Built in 1879 by celebrated architect James Gall for parliamentarian William Winter-Irving, Noorilim is a prime example of post-Gold Rush prosperity in Victoria. At the time of its construction in the mid to late-1800s, Australia had been labelled one of the richest nations on earth and Melbourne’s monied elite were spilling out of the city looking to build country estates to rival those in Great Britain. The nouveau riche began commissioning lavish ornamental houses shadowing the Gothic, Italianate and Queen Anne designs of Europe.
Noorilim’s facade is a striking example of this “boom style” architecture featuring an asymmetrical tower, ornate balustrades and grand arched loggias that frame sweeping views of the estate’s manicured grounds.
Inside, the vast 1022sq m residence has 5m ceilings and lavish period features, including 15 fireplaces, seven staircases, and intricate Corinthian columns.
At the heart of the mansion its grand hall has Minton tiles imported from England and laid by Italian artisans who were shipped out specifically for the job. There is a turret lookout, a billiard room, 10 bedrooms, four bathrooms, an office and grand formal rooms such as a lounge, library and dining room all with expansive windows showcasing views of the gardens and vineyard.
Noorilim’s name is derived from the Indigenous Yorta Yorta language and means “place of many reeds” reflecting the estate’s connection to its natural surroundings. Complementing Gall’s vision, renowned landscape designer William Guilfoyle — who worked on Melbourne’s Royal Botanic Gardens — crafted Noorilim’s standout gardens.
The grounds are home to echidnas, kangaroos and koalas, more than 300 mature trees including ancient Moreton Bay figs, a rose garden with a central fountain, an ornamental lake, a boathouse, and even a private beach on the banks of Goulburn River. There is also an extensive wine cellar, numerous outbuildings and barns, as well as a heritage-listed water tower. The working vineyard produces Chardonnay, Shiraz, Cabernet, and Merlot grape varieties.
Noorilim, near Nagambie, is 150kms north east of Melbourne at 205 Wahring Murchison East Rd, Wahring. The property is listed with Sean Cussell from Christie’s International Real
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.