Illawarra retains top performing regional area title
The Illawarra region of NSW continued to deliver the highest value growth for property owners according to the latest CoreLogic Regional Report to the December quarter.
Over the quarter, CoreLogic research confirmed that Illawarra recorded the largest annual increase in values for both houses at 15.2 per cent, and units at 14.8 per cent.
The regional research found that over the year to December 2016, home value growth increased across all three New South Wales regions. While Illawarra saw the largest increase in values across both houses (15.2 per cent) and units (14.8 per cent), growth was more moderate across the Richmond-Tweed and Newcastle & Lake Macquarie regions, with home values rising by less than 10 per cent.
Sales volumes data shows that the Richmond-Tweed region saw an increase in transaction activity, up 5.3 per cent over the year to November, while Illawarra and Newcastle & Lake Macquarie both saw a decrease in sales volumes.
In contrast, unit values were lower across the Wide Bay (-2.0 per cent), Townsville (-3.8 per cent) and Bunbury (-3.5 per cent) regions over the year, while Townsville was the only region to see a fall in house values (-3.2 per cent) over the same period.
Across Queensland, Townsville recorded the largest decrease in dwelling sales over the year to November 2016, down -14.4 per cent to 3,119 sales, followed by the Gold Coast, which saw dwelling sales fall -9.5 per cent to 19,046 sales.
CoreLogic head research analyst Cameron Kusher said, “Although sales volumes were lower across all five regions of Queensland over the 12 month period, Townsville is the only region with volumes currently below the five year average.”
Looking at home values in regional Queensland, the Gold Coast saw the biggest increase over the year to December, up 6.9 per cent for houses and 5.5 per cent for units, followed by the Sunshine Coast, up 4.5 per cent for houses and 3.0 per cent for units. House and unit values across Townsville fell -3.2 per cent and -3.8 per cent respectively, while values across Cairns rose moderately for houses (up 0.9 per cent) and were unchanged for units. The Wide Bay region saw house values increase slightly (0.6 per cent) while unit values fell -2.0 per cent over the same period.
Across Geelong and Latrobe–Gippsland, sales activity was down 2 per cent over the year; however median values rose over the year to December. Geelong recorded the strongest performance in regional Victoria, with house values rising by 5.0 per cent and unit values up 3.1 per cent, while Latrobe-Gippsland house and unit values increased by 2.1 per cent and 2.0 per cent respectively.
In Western Australia’s Bunbury region, house values increased by 5.7 per cent over the 12 months to December 2016, while unit values fell -3.5 per cent. Sales volumes across Bunbury over the year to November were -7.9 per cent lower than they were in November 2015.
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