Australia’s secondary cities have outpaced the capital in property growth over the past five years.

As Australian households dedicate a larger portion of their incomes to housing, many are seeking more affordable alternatives. Experts attribute this trend to the surge in property prices in the second-largest cities of each state and territory. According to new CoreLogic data, property values in areas like the Gold Coast, Geelong, and Newcastle have significantly outpaced those in their respective capitals over the past five years.

Dr. Diaswati Mardiasmo, chief economist at PRD real estate company, explains, “When it comes to affordability… it kind of sucks at the moment. I’m not surprised that the second cities are growing faster than their first city, simply because people are looking for more bang for their buck.”

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