Regional home values have reached a new record high in April, following a modest recovery in March. This marks a significant trend in the housing market across regional areas, reflecting increasing demand and possibly limited supply. Antonia O'Flaherty provides more insights into this development, analysing the factors contributing to the rise in property values and what it means for the market and potential homebuyers.
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00:00 Dwelling values across regional Australia grew by 2.1% in the past three months.
00:08 That's the fastest growth in two years.
00:10 Meanwhile in the capital cities, values grew only by 1.7%.
00:16 When it comes to quarterly value growth, the West Coast was the best coast, with Western
00:20 Australia leading the pack.
00:22 Geraldton recorded the largest rise, up by 8.8%, followed by Busselton at 7.7% and Bunbury
00:29 at 6.4%.
00:31 Queensland also had high quarterly growth too, with a 5.8% rise in Townsville, with
00:37 Rockhampton at 5.1%, Gladstone at 4.6% and the Gold Coast/Tweed area rising by 3.6%.
00:45 Comparing the annual volume of sales, Lismore in NSW recorded double the number of sales
00:50 compared to the 12 months leading up to February 2023.
00:55 That was coming off the back of a poor year during 2022 floods and interest rate rises.
01:00 Meanwhile Maryborough in Queensland was the worst performer by comparison.
01:05 While rental prices continue to rise, the most affordable area was the Burnie to Somerset
01:10 area in Tasmania at around $400, compared with around $820 at the Gold Coast in Queensland.
01:18 Rental growth across the combined regional markets continued to accelerate, rising by
01:23 6.3% over the 12 months to April.
01:27 By comparison the annual rental growth in the capital cities eased from 9.6% to 9.4%.
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