Dwelling sales were down in four of the five Queensland regions over the year to November 2018 with the Wide Bay region the only location to see an increase in home sales (2 per cent).
Queensland’s rental market saw advertised rental rates rise over the year to December 2018 with the exception of the Wide Bay region, where rental rates remain in line with one year ago for both houses and units. The largest increase in rental rates for houses was seen across the Gold Coast at 5.7 per cent, while for units the Gold Coast and Townsville saw the largest increases (3.7 per cent).
Across Victoria, the Geelong region saw sales activity fall -13 per cent over the year to November, while the Latrobe-Gippsland region saw virtually no change in the number of homes changing hands. Both regions saw home values increase over the 12 months to December 2018, with median values increasing by 9.1 per cent for houses and 7.6 per cent for units in Geelong, compared to the Latrobe-Gippsland region, where median house and unit values increased by 8.6 per cent and 4.0 per cent respectively. Over the 12 months to December 2018, the advertised rental rates in Geelong increased by $20/week for houses and $10/week for units, while the Latrobe-Gippsland region saw advertised rents rise $10/week for houses and $7/week for units.
The picture was gloomy for Western Australia’s Bunbury region, where house values fell -5.4 per cent over the year to December 2018, and unit values fell -4.3 per cent. Sales volumes across the region continue to fall also: down -7 per cent over the 12 months to November, with current activity -13 per cent below the five year average. Rental rates in the Bunbury region fell -2.4 per cent for units compared to December 2017, while advertised rates for houses were unchanged over the same period.