Over the past decade, regional Australia has witnessed a remarkable surge in house prices, with an overall increase of 91.6 per cent, climbing from a geometric mean price of $336,203 in 2013/14 to a peak of $644,286 in the latest fiscal year.

Among the six states, regional Tasmania led the way with a 124.2 per cent increase in house prices, demonstrating the most substantial growth. After experiencing a 110.5 per cent increase over the last decade, regional New South Wales is now the most expensive regional market, surpassing regional Queensland, which grew by only 79.8 per cent.

Sales transactions in regional Australia have exhibited greater volatility compared to price trends. Sales peaked twice, in 2017/18 and 2021/22, but dropped off just as significantly on both times to conclude the fiscal year 2023/24 with 136,268 transactions—just an 8.2 per cent increase over the past decade.

Regional Queensland leads in sales with 47,878 transactions, marking a 27.4 per cent growth over ten years. In contrast, regional Tasmania experienced the most significant drop, with a 36.5 per cent decrease in sales, ending at 3,064 transactions.

Regional Queensland not only boasts the highest number of sales but also dominates the list of top suburbs based on price. High-value suburbs in the Gold Coast, such as Surfers Paradise and Mermaid Beach, lead the rankings with geometric mean house prices reaching up to $2.6 million.

In terms of price growth, Queensland’s Mount Morgan and Park Avenue have exhibited the highest increases over the past year.

See the full regional market state breakdown in the Ray White Regional House Report 2024.