The cost to buy or rent in regional Australia is growing faster than in metropolitan areas according to the latest research from CoreLogic.
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00:00 Regional property prices have soared to record highs as Australia's housing
00:03 crisis continues to hit across the nation. Regional prices and rents have
00:08 outpaced those even in metropolitan areas according to the latest CoreLogic
00:12 data. House prices in the regions rose by 2.1% in the last three months
00:17 compared to just 1.7% in capital cities. So overall the regions were up
00:22 about 1.6% in the quarter as well but it's a little more diverse when you look
00:26 at the different rest of state areas. So in regional Victoria for example we're
00:32 still seeing mild declines but again in WA, rest of WA, we're seeing increases of
00:37 2% in the month. Regional renters are also paying more this quarter. Rent
00:42 increased in 47 of the 50 largest non capital city housing markets. The largest
00:48 increase was in Busselton in Western Australia where renters paid an average
00:51 of $93 more on rent each week.