Infrastructure activity varied sharply. Sydney was listed with 15 priority projects, followed by Melbourne with 12. Townsville was shown with none, while Cairns, Darwin and Newcastle each had one.
“Cities with fast-growing populations, rising housing demand and major new infrastructure investment often become more desirable places to live, but they can also see living expenses rise quickly,” said Stephen Zeller (pictured right), general manager of money at Compare the Market.
“As areas become more desirable, demand for housing tends to rise, pushing up prices and putting pressure on affordability. This can make it increasingly difficult for first-home buyers and renters to enter the market, even in cities known for their long-term growth potential.
“When considering buying in an up-and-coming area, it’s important to look past the hype. Focus on what you can realistically afford, how much of your income would be tied up in repayments, and whether the area suits your long-term needs and lifestyle.
“Growth is a promising sign for any city, but it’s still important for buyers to do their homework and compare their options before making a move.”