Regional property sales outpacing the capitals
Australia’s regional areas are seeing the greatest growth in the value of property sales in the country.
New analysis by CoreLogic has found the greatest increase in total value of property sales over the past 12 months has been in regional areas.
“The difference in sales volumes and the value of sales between capital city and regional markets highlights that regional housing markets are starting to show an improving trend. Over the year there were 301,776 capital city dwelling sales worth $213.3 billion; the number of sales was -9.9% lower than a year ago and the value of sales was -0.3% lower over the year. In terms of the combined regional markets, there was 166,217 sales which was -0.3% lower over the year while the value of these sales rose by 3.3% to $67.9 billion,” CoreLogic research analyst Cameron Kusher said.
The analysis found of the 50 council areas nationally that have seen the greatest annual increase in the value of property sales, only four of the 50 areas listed were in capital cities, with the remaining 46 in regional areas. However, CoreLogic said many of the 46 locations were in larger regional areas. The study also found a rise in sales volumes along with rising values.
New South Wales dominated the list, accounting for 31 of the 50 council areas represented. CoreLogic said regional markets in the state showed the highest levels of demand and value growth of all regional markets across the country.
“With mortgage rates low, certain capital city housing markets becoming unaffordable and an improvement in confidence surrounding regional housing, we would expect many of these council areas to see further increases in the total value of sales over the coming year,” Kusher said.