The CoreLogic Quarterly Regional Market Update is out and regional honours for the largest annual increase in median values in both houses (15.8%) and units (12.2%) officially goes to Geelong; only two regions saw values for both houses and units fall over the year to March 2018 – Townsville and Bunbury.
It’s not great news for The Gold Coast region, where the biggest fall in sales activity was experienced, with dwelling sales down -12% over the year to February 2018. This lackluster sales performance was followed closely by Richmond-Tweed (down -11%), interestingly, the same region which saw the largest increase in advertised rental rates also achieved (up 11.1% for houses and 7.7% for units over the year to March 2018). Latrobe-Gippsland and Bunbury saw rental rates for units fall over the 12 months to March 2018. More detailed regional summaries are outlined below.
New South Wales
All three regions across New South Wales saw growth in home values over the year to March 2018, with the largest increase for houses seen across the Newcastle and Lake Macquarie region where median house values increased by 12.4%. The largest increase for units was seen across the Illawarra region, where the median unit value increased by 11.7%. Sales activity was lower year on year across all three regions, with the biggest fall in sales volumes seen across Richmond-Tweed (-11%) when compared to February 2017. Rental rates increased across all three regions, with Richmond-Tweed houses recording the largest increase for both houses (11.1%) and units (7.7%).
Across Queensland, dwelling sales fell in four of the five regions over the year to February 2018 with the largest fall in transactions seen across the Gold Coast (-12%), followed by the Sunshine Coast (-9%), Townsville (-8%) and Cairns (-3%). Across the Wide Bay, sales are in line with one year ago. Townsville was the only region to see values fall for both houses and units, down -2.3 % and -4.7% respectively, while unit values across Cairns fell -1.2%. The largest increase in house values was seen across the Sunshine Coast (8.0%), followed by the Gold Coast (6.6%), while unit values across the Sunshine Coast and Gold coast increased by 5.5 % and 5.1% respectively. Wide Bay home values increased slightly for both houses (1.3%) and units (0.2%).
In Victoria, sales activity was down -3% across Geelong, while the Latrobe-Gippsland region saw a 5% increase in the number of homes transacting over the year to February. Both regions saw home values increase over the 12 months to March, with median values increasing by 15.8% for houses and 12.2% for units in Geelong, compared to the Latrobe-Gippsland region, where median house and unit values increased by 5.9% and 4.6% respectively. Over the 12 months to March, the advertised rental rate for houses across both regions was in line with last year, while for units, advertised rental rates in Geelong increased by 1.7%, and fell -2.1% for Latrobe-Gippsland.
Western Australia’s Bunbury region saw house values fall -3.1% over the year to March 2018, whilst unit values fell -4.2%. Sales volumes across the region fell -3% over the 12 months to February, with current activity -13% below the five year average. Rental rates in the Bunbury region fell -6.3% for units compared to March 2017, while advertised rates for houses remained unchanged over the year.