Several regional property markets located within driving distance to major capital cities have seen strong home price growth over the past quarter according to the latest Regional Market Update by CoreLogic.
Analysis of Australia’s largest regional areas, the regional update shows that the New South Wales region of Illawarra enjoyed the strongest performance by recording the largest annual increase in values for houses at 14.3 per cent, and 11.5 per cent for units.
On the flipside, a not-so-good result for Queensland & Western Australia, with Townsville and Bunbury the only two regional markets to record a fall in values; each was down 2.2 per cent and 0.4 per cent respectively. Unit values were also lower across the five regions Again, the greatest falls occurred in Townsville (-4.5 per cent), and Bunbury (-4.1 per cent).
Year-on-year, transaction activity rose in News South Wales across the Richmond – Tweed region, while across all other regional markets analysed, sales activity was lower over the year.
Area specific Snapshot:
New South Wales:
- Home values increased across each of the three regions over the year ending September.
- Illawarra house values were up 14.3 per cent and unit values rose by 11.5 per cent over the year, recording the highest growth across all of the regions.
- In the Newcastle and Lake Macquarie and the Richmond- Tweed regions, home values rose by less, however each property type saw gains of more than 6 per cent.
- The Gold Coast and the Sunshine Coast were the strongest performing regions across the state over the period, with both house and unit values rising.
- Townsville, Wide Bay and Cairns showed moderate growth or falling values over the year.
- Geelong and Latrobe-Gippsland regions of Victoria over the year, down 1 per cent and 5 per cent respectively.
- Bunbury region saw house values fall by 0.4 per cent, while unit values fell by 4.1 per cent.
Included in this report are the larger regions outside of the Australian capitals comprising of:
NSW: Newcastle & Lake Macquarie, Illawarra, Richmond-Tweed
VIC: Geelong, Latrobe-Gippsland
QLD: Gold Coast, Sunshine Coast, Townsville, Wide Bay, Cairns
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