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.

ENDS.


Should  you  wish  to contact us, please email: media@corelogic.com.au or call us on 1300 472 767 for immediate attention.


About CoreLogic

CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia, and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell. With Australia’s most comprehensive property databases, the company’s combined data offering is derived from public, contributory and proprietary sources and includes over 4.4 billion decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.

With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or visit www.corelogic.com.au.

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