While the pandemic has impacted markets in the biggest capital cities, many parts of regional Australia are recording solid to strong price growth. Arguably the strongest trend in real estate across the nation is “The Exodus To Affordable Lifestyle”.
New figures from CoreLogic show that three-quarters of Australia’s major regional markets have risen in value in the past year.
CoreLogic research found that of the 50 house and unit markets in 25 of the country’s biggest non-capital-city regions, values increased in 37 markets in the 12 months to July 2020. House prices went up in 20 regional areas and dropped in only five regions. Locations that stood out for strong price growth included Launceston in Tasmania, the Illawarra region in NSW, and Ballarat in Victoria.
The Domain House Price Report for the June quarter suggests that many locations in the Central West region of New South Wales have recorded solid to strong price growth. They include Parkes, which has risen 18% in the past 12 months, Orange (up 8%), Cowra (6%); Bathurst (5%); Forbes (4%); and Dubbo (2%). This pattern of regional cities and towns recording moderate to strong price growth at the moment is common across regional Australia. There are similar stories in regional Victoria, in Queensland, in South Australia and in Tasmania.