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‘B’ For Booming Real Estate

‘B’ For Booming Real Estate
October 20, 2021 Propertyology Head of Research and REIA Hall of Famer, Simon Pressley

The A to Z of locations right across this huge country contains a collage of contrasting lifestyles, real estate prices, economic profiles and property market performances. Australia really is an incredibly diverse country.

Unfortunately, society does a poor job at helping the 25.7 million people who live in this Land Down Under to properly appreciate the full breadth of our great country. Propertyology will always be keen to fill this important void.

This short blog is an around-the-grounds taste-test of a variety of Australian locations starting with the letter ‘B’. The property market credentials of most of them are impressive.

Real estate data in this report is at July 2021. For comparative purposes, Perth’s $535,000 is the lowest capital city median house price, Sydney’s $1,270,000 is the highest, the biggest capital growth rate over the 3-years ending July 2021 was Hobart’s 44 percent while Darwin’s 12 percent was the smallest.

 

BAIRNSDALE VIC

Located 3-hours east of Melbourne, Bairnsdale is a commercial centre for the East Gippsland region. It was the hometown of an impressive list of famous singers, filmmakers, authors and elite level sportspeople. With picturesque regional landscapes, parks and several impressive food experiences, the town has a strong tourism trade. Bairnsdale’s property market produced an impressive 30 percent capital growth rate over the 3-years ending July 2021, while the median house price is still an affordable $355,000.

 

BALLINA NSW

Internal migration added 2.7 percent to Ballina’s population over the 3-years ending June 2020 (a higher rate than all 8 capital cities). Situated in the NSW northern rivers, major infrastructure projects in Ballina include development of an INXS museum, airport and highway expansions, and shopping centre upgrades. 17 percent of local jobs are in health care. The median house price of Australia’s 52nd largest city increased by a significant 56 percent over the 3-years ending July 2021 to $972,000.

 

BATHURST NSW

Founded in 1814, prior to every capital city other than Sydney and Hobart, Bathurst is Australia’s 5th oldest city. Originally established for farming and food supply, it became a major gold town in the 1850s and today is internationally famous for its annual car racing event around Mount Panorama, the Bathurst 1000. With education, manufacturing and tourism as key pillars, Bathurst has a diverse economy.

BEGA NSW

Bega cheese, baby formula, vegemite and peanut butter are part of a suite of Australian household foods whose manufacturing heritage is linked to the rural township of Bega. Situated at the heart of NSW’s Sapphire Coast and just 2-hours south-east of Canberra, real estate in this region has been hot property for several year, including 42 percent capital growth over the 3-years ending July 2021. Rental supply is as tight as a mouse in a matchbox (0.3 percent vacancy rate in September 2021).

 

BENDIGO VIC

I must confess, Bendigo is one of my favourite Australian cities. Centre stage of the 1850’s Gold Rush, Bendigo was home to Australia’s first ever stock exchange and is the head office for Australia’s 5th largest bank (Bendigo Bank). It has an amazing culture consisting of beautiful architecture, great restaurants, galleries, theatres, lots of historic experiences and nearby wineries. No wonder Bendigo is a longstanding magnet for internal migration. Bendigo’s property market is currently as hot as a Kolkata curry. Over the last 10-years, Bendigo’s 5.3 percent average annual capital growth is only surpassed by Hobart and Sydney.

 

BRISBANE QLD

Back in 1973, the median house price in Australia’s third biggest city was $17,500. Whilst that’s a distant memory to today’s $650,000, Brisbane real estate is still more affordable than numerous regional locations. Brisbane was recently announced as the host city for 2032 Olympic Games [beware the property boom rhetoric].

 

BROOME WA

What’s not to like about pristine white-sand beaches, sunset camel rides, dinosaur fossils and pearl farms?  Broome is a beautiful seaside resort township in the Kimberley region of Western Australia. Broome’s property market last boomed during the 6-years ending 2007, when the median house price increased from $207,000 to $660,000.

 

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BUNDABERG QLD

The original hometown of former Australian Rugby League captain, Mal Meninga, Bundaberg is Australia’s 23rd largest city. Situated at the southern end of the Great Barrier Reef, Bundaberg is an eclectic mix of old-fashioned country town charm, with a perfect climate, beautiful beaches, turtle nesting and national parks. The nuts and bolts of the local economy are food manufacturing, tourism and agriculture (10 percent of its workforce). At the end of September 2021, there were only 47 dwellings advertised for rent (0.4 percent vacancy rate) for the city’s 96,000 population.

 

BURLEIGH HEADS QLD

One of Australia’s most popular surf strips, Burleigh Heads was founded in the 1870’s and became part of a series of small townships in a broader region that was originally referred to as ‘The South Coast’. As the glitz and glamour took over, a more apt name ‘Gold Coast’ was adopted in the 1950’s. Today, Gold Coast is global tourism mecca and one of the fastest growing regions in Australia. The current median house price in Burleigh Heads is a very expensive $1,150,000.

 

BURNIE TAS

A lot of the world’s best food and beverage produced in the beautiful state of Tasmania is exported through the port of Burnie. With good quality infrastructure and amenity, the state’s third biggest city plays the role of a ‘mini capital city’ to various nearby townships. 47 percent capital growth over the 3-years ending July 2021 means Burnie’s property market outperformed all 8 capital cities. And short rental supply has pushed asking rents 29 percent higher over the same period.

 

BUSSELTON WA

Western’s Australia’s lifestyle equivalent of Byron (NSW) and Noosa (QLD), Busselton is situated adjacent to great beaches, one of the world’s most picturesque jetties and the Margaret River wineries. 13 percent of the workforce are in ‘accommodation and food services.’ The city’s 40,000 population has increased at a rate double the national average over the decade ending 2020. Historically, Busselton’s property market performance was superior to Perth’s. Today’s median house price is $580,000. Busselton’s very low vacancy rate of 0.2 percent, whereas both Sydney and Melbourne have been above 2 percent for the last couple of couples.

Other Australian towns starting with the letter ‘B’ include Babinda, Bachus Marsh, Beaudesert, Beaconsfield, Beechworth, Benalla, Biggenden, Biloela, Birdsville, Birdwood, Blackbutt, Blayney, Bowral, and Brunswick Heads.

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