With most of the attention usually on the capital cities, there were plenty of regional areas of Australia thriving as well, according to Colliers International.

In the latest issue of Your Investment Property magazine, Colliers International has highlighted six smaller cities not always given as much attention: Newcastle, Coffs Harbour, Wollongong, Cairns, Toowoomba and Townsville.

"We're not talking about declining small towns here; we're talking serious cities with serious investment opportunities," said national resource director of Colliers International Rory McLeod.

McLeod said the hard and soft commodities booms are having a significant impact, driven by growth in the Chinese economy demanding these resources.

"Not only are residential prices growing strongly in regional centres, particularly around Queensland, but there is also significantly increasing investment in the non-residential building industry and property sectors," he said.

Colliers International NSW state chief executive, Malcolm Tyson, adds that regional Australia can claim a growth rate similar to that of our capital cities and represents more than one-third of Australia's population. "These are facts that are not going unnoticed by investors across the country."

To read the full article, check out the latest issue of Your Investment Property magazine on sale now.