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Money Are YOU sitting on a goldmine? Australia’s next boom towns where property prices are set to soar due to rising demand

00:57  12 may  2018
00:57  12 may  2018 Source:   dailymail.co.uk

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Previous. Next . Are YOU sitting on a goldmine ? Realestate.com.au have released a report into property prices and demand . The report outlines which regional centres are set up for a property boom .

Are YOU sitting on a goldmine ? Australia ’ s next boom towns where property prices are set to soar due to rising demand . A property report has revealed which of Australia ' s regional centres are set to boom in the near future as people move out of the capital

a large crowd of people in a field: Property demand in Ballarat has risen by the biggest margin of all locations listed, with a spike of 62.1 per cent over the last year© Provided by Associated Newspapers Limited Property demand in Ballarat has risen by the biggest margin of all locations listed, with a spike of 62.1 per cent over the last year

A new property outlook report has announced which areas are set to boom in the near future.

The report outlined major factors which draw buyers to regional centres and revealed it takes more than an easy commute to a city to convince home buyers to make the move to the regions.

The major factor for relocation to a regional area is generally economic growth and the resulting job creation in the region, it said.

The report, released by realestate.com.au, also outlined which regions are expected to see a boom in property sales, due in large part to growing demand.

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South Wales town Orange, located 257km from Sydney, has also been undergoing strong property demand , up 40 per cent during the last year in comparison to 20 per cent in Sydney.In Mackay, property prices have risen 10 per cent

Are YOU sitting on a goldmine ? Australia ’ s next boom towns where property prices are set to soar due to rising demand . A property report has revealed which of Australia ' s regional centres are set to boom in the near future as people move out of the capital

a view of a city: In Mackay property prices have risen 10 per cent, followed by continued growth in property demand for the tropical regional centre© Provided by Associated Newspapers Limited In Mackay property prices have risen 10 per cent, followed by continued growth in property demand for the tropical regional centre

The report is compiled of property demand data from the REA Group and property value data form CoreLogic and analysis from REA Group Chief Economist Nerida Conisbee.

'Across Australia, property prices have increased by 6.3 per cent over the year. Over the past quarter, however, there’s been a significant slowdown with prices falling and demand for property continuing to slacken nationwide,' she said.

a view of a city street: Orange, located 257km from Sydney, has also been undergoing strong property demand, up 40 per cent during the last year in comparison to 20 per cent in Sydney© Provided by Associated Newspapers Limited Orange, located 257km from Sydney, has also been undergoing strong property demand, up 40 per cent during the last year in comparison to 20 per cent in Sydney

Some of the regions expected to undergo property booms include Ballarat, located 116km from Melbourne, with a population of 101,000 people and property prices half that of Melbourne.

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Below are four regional towns set to boom . Ballarat, Victoria. Over the past 12 months, prices have risen by 10% and with demand levels still increasing, this is likely to continue. Hobart’ s property market soared in 2017, and we can expect Launceston to follow suit this year.

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a view of a city: Property prices have increased by 18.9 per cent in Launceston over the last year and property demand has skyrocketed by 37.1 per cent© Provided by Associated Newspapers Limited Property prices have increased by 18.9 per cent in Launceston over the last year and property demand has skyrocketed by 37.1 per cent

Property demand in Ballarat has risen by the biggest margin of all locations listed, with a spike of 62.1 per cent over the last year.

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Next . Are you sitting on an unlikely goldmine ? The unexpected suburbs where property prices are growing - and no, they're not where you might expect.

Some Ballarat suburbs are in higher demand than others, inner suburb properties are the most highly sought after.

New South Wales town Orange, located 257km from Sydney, has also been undergoing strong property demand, up 40 per cent during the last year in comparison to 20 per cent in Sydney.

In Mackay, property prices have risen 10 per cent, followed by continued growth in property demand for the tropical regional centre, 952km from Brisbane.

Industries such as health, tourism, agriculture, education and mining are all contributing factors to a growing Mackay economy which in turn leads to more property demand.

a close up of a sign: 'Across Australia, property prices have increased by 6.3 per cent over the year. Over the past quarter, however, there’s been a significant slowdown with prices falling,' REA Group Chief Economist Nerida Conisbee said© Provided by Associated Newspapers Limited 'Across Australia, property prices have increased by 6.3 per cent over the year. Over the past quarter, however, there’s been a significant slowdown with prices falling,' REA Group Chief Economist Nerida Conisbee said


The median price of property in the Mackay area is just $330,000.

While Hobart is enjoying the strongest demand of all areas in Tasmania, with half of the top ten most in demand suburbs all located within the city, Launceston is now joining the property boom.

Property prices have increased by 18.9 per cent in Launceston over the last year and property demand has skyrocketed by 37.1 per cent.

Jobs growth in the area is also having a positive impact on property prices and demand, which are factors that the report outlines as big contributors to enticing new buyers into a region.

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