Whilst on a similar subject, Wollongong is one market with a population of around 300,000, where they have only two commercial radio stations (Wave & i98), yet both pretty much play the same music format. Most other 2-station regional markets that have a smaller population (including neighbouring Nowra) have more variety of music formats than Wollongong. Yes, the Sydney stations can be picked up in many parts of the region, but still…
Here’s a log from both Wollongong stations that took place last month: Radio Stations - Music Logs