PROPERTY PRICE SPIKE: Western Downs outperforming cities
The Western Downs has underwent a property boom throughout the past 12 months, with housing values beating their counterparts in capital cities.
A new report released by property analytics firm CoreLogic revealed housing markets in rural Australian towns were outperforming cities such as Brisbane and Sydney.
The reports states that inland regional markets provided "low housing prices, low population densities, and a rural lifestyle that may appeal to many".
"These regions tend to exist within their own economic ecosystem, driven by localised factors including climatic conditions such as drought," the report said.
"As well as local economic drivers like agriculture, mining operations and tourism, infrastructure investment, or government services."
The report said many of these markets were "moving out of a period of extended decline" due to either the drought or the mining downturn, with a rise in values caused by the development of long term homeowners in the area.
The Western Downs showed a noticeable 6.2 per cent rise in housing values over the past 12 months, as the region emerges from drought.
Areas such as Winton, northwest of Longreach, showed house values surging 40.5 per cent over the past year, while Cloncurry recorded values rising 31.7 per cent in the last 12 months.
These "low price tags" for houses offered homebuyers a welcome lifestyle change at half the prices of metropolitan homes in Queensland, and around Australia, the report said.
Chinchilla and Miles were mentioned in CoreLogic's "Best of the Best" report of 2020, where they were identified in the top 10 Australian regional cities for the lowest median unit prices.