Real estate veteran John McGrath believes regional property markets are “the new black” and are set to see growth in 2019.
According to the 2019 McGrath Report, regional bridesmaid cities are beginning to rival the real estate brides of Sydney, Melbourne and Brisbane with their impressive population growth, buzzing local economies, improved amenities and infrastructure, affordable housing and increasingly attractive lifestyle as capital cities become busier and more expensive.
The report reveals Australia’s leading regional hubs – the Gold and Sunshine Coasts, Geelong and Newcastle – are currently seeing significant price growth off the back of strong demand.
“Improved infrastructure has made commuting times faster between regional suburbs and capital cities,” says McGrath. “Coupled with the NBN rollout and the GovHubs bringing more jobs to regional areas, buyers are beginning to see the appeal of these regions.
“Newcastle’s appeal to cash poor, asset rich Sydney residents is obvious. As Australia’s largest coal port by volume, and the economic hub of the Hunter Valley, it boasts a world-class university, vibrant coastal lifestyle and strong employment growth.”
John also believes Western Sydney has “vast untapped potential” and people should invest there now to reap the rewards.
“We’re on the cusp of what will go down in history as the great renaissance of Western Sydney,” he says.
“New infrastructure about to come online will buck the trend and re-rate local home values in certain areas. Billions of dollars in government investment, hundreds of thousands of new jobs, massive new public transport and Sydney’s second international airport are set to transform this region and electrify our most affordable housing market.”