Australia's median house price has exceeded $1 million, but this isn't solely due to capital city property price growth.

Property in regional Australia became popular in the height of COVID as city dwellers sought a tree or sea change.

Simon Pressley, Propertyology's Head of Research, predicted that regional Australia would be the 'biggest beneficiary' of the housing boom and what he calls the 'lifestyle movement'.

"Decades from now, when one looks back, they will discover that the period beginning 2020 will have produced the highest rates of people moving home in human history and that it was fondly recognised as a period of the biggest improvement in lifestyles ever," Mr Pressley said.

"I’m calling this very exciting and historic era 'The Lifestyle Movement'."

Mr Pressley said because the pandemic put significant restrictions on people's lifestyles, this is what led them to 'enhance and future-proof their lives'.

"Regional lifestyle is akin to a handful of salt and vinegar chips – once one has the taste for it, you can’t get enough of it," Mr Pressley said.

"Working from home opens up all sorts of possibilities.”

Mr Pressley predicts that regional Australia will continue to thrive, and Domain's December 2021 House Price Report revealed the regional spots that have already thrived over the past year.

Top 20 regional performers of 2021

Across Australia, house prices in regional locations have skyrocketed by almost 50% over the past year alone.

These are the top 20 spots where house prices have boomed.

Rank Location House price growth over past 12 months Median house price  December 2021 Median house price December 2020
1 Byron Bay, NSW 47.8% $1,700,000 $1,150,000
2 Alpine, VIC 46.2% $760,000 $520,000
3 Glamorgan-Spring Bay, TAS 43.1% $601,000 $420,000
4 Break O'Day, TAS 34.8% $447,500 $332,000
5 Bellingen, NSW 33.7% $842,500 $630,000
6 Cessnock, NSW 33.3% $560,000 $420,000
7 Bega Valley, NSW 32.7% $795,000 $599,000
8 Circular Head, TAS 32.6% $321,317 $242,250
9 Ballina, NSW 32.3% $980,000 $741,000
10 Ararat, VIC 32.1% $350,000 $265,000
11 Devonport City, TAS  30.8% $425,000 $325,000
12 Burnie City, TAS 30.4% $360,000 $276,000
13 Bass Coast, VIC 30.3% $767,500 $589,000
14 Bathurst Regional, NSW 29.4% $601,500 $465,000
15 Latrobe, TAS 28.8% $515,000 $400,000
16 Fraser Coast, QLD 26.8% $450,000 $355,000
17 George Town, TAS 24.3% $335,000 $269,500
18 Huon Valley, TAS 23.5% $530,000 $429,000
19 Baw Baw, VIC 23.4% $610,750 $495,000
20 Cassowary Coast, QLD 22.8% $350,000 $285,000

Source: Domain

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5.58% p.a.
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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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