However, unemployment has been rising pointedly.
Even for regional centres, the Grattan Institute has found that it is their proximity to the Central Business Districts (CBDs) of tthe capital cities which largely drives their fortunes and respective rates of economic growth.
According to Grattan's detailed research, regional centres located less than 150km from the capital city CBDs are growing at a considerably faster pace than those located further afield.
This bodes well for Newcastle and the Hunter Region to the north of Sydney over the longer term, as well as Wollongong to the south of the harbour city (the state's initials "NSW" are said by sceptics to stand for "Newcastle, Sydney, Wollongong", and there is more than an element of truth in that quip).
In the short term the coal mining regions face challenging adjustments, but ultimately mining is only one regional employer and other industries can and will eventually pick up the slack.
Indeed it is already hoped that the bulk of the job losses are now in the past and that the Hunter's labour market is set to stabilise.
It should also not be overlooked that the volume of coal bulk commodity exports from Australia have doubled over the last dozen years - the ramping up exports after all being the whole point of the mining construction boom - a dynamic which itself has contributed to the correction in commodity prices.
Meanwhile ongoing production and exports will require hefty infrastructure upgrades including the new $5 billion "T4" Newcastle port terminal which has now been recommended for approval.
Victoria - the tough
As a point of disclosure I should note that I own property in Geelong.
The reality is that there is a scheduled car manufacturing closure to come in 2016 and this will have associated headwinds (there is almost nothing worse than vested interest property market commentary which fails to recognise obvious risks such as these).
Regional Queensland challenges
Some parts of regional Queensland are facing significant unemployment challenges.
Queensland - the impact of the lower dollar
In theory at least, the lower dollar should be helping some Queensland regions which benefit from the rebounding tourism sector, and this does appear to be happening to a certain extent.