Regional markets home to varying performance

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While the Illawarra has been revealed by CoreLogic RP Data as the best performing regional market in the country, there has been a wide variation in performance by other regional markets across Australia.

Read on for a state-by-state breakdown of how markets outside of capital cities have performed in the 12 months to March 2016.

NEW SOUTH WALES

Newcastle & Lake Macquarie


While it couldn’t quite reach the heights of the Illawarra, Newcastle & Lake Macquarie was NSW’s and Australia’s next best performing regional market.

House prices in the region grew 8.1% in the year to March to median of $495,000, while unit prices grew 6.3% to a median of $406,000 over the same period.

Overall, total sales were 1% lower than they were 12 months ago; however they were up 2% on the region’s five-year average.

In the region’s rental market, house rents have increased 1.3% to $400 per week over the year, while unit rents have remained flat at $370.

Richmond – Tweed

Price rises in the Richmond – Tweed haven’t been as large as those seen in other regions in the state, but the area has seen some significant movement in other categories.

In the year to March, house prices have increased 6.4% to a median price $467,000, while unit prices have increased 6% to a median of $358,000

Sales activity is up 11% over the year and is currently 25% above the five five-year average.

The region’s rental market has also seen some impressive growth, with house rents up 10% to $440 per week over the year, while unit rents are up 8.6% to $380 per week.

Rental yields for houses currently sit at 5%, while units are 5.7%.

QUEENSLAND

Gold Coast


Queensland’s glamourous coastal strip has delivered some solid results over the year to March.

At the end of March, the median Gold Coast house price sat at $563,555, up 7.2% over the previous 12 months, over the same period the median unit price increased 4.8% to $370,437.

Over the year, sales on the Gold Coast increased 11%, while they are a 24% higher than the five year average.

Homes are also seeling quicker on the Gold Coast, with time on the market down by four days for both houses and units.

In the rental market, house rents have grown 4.2% over the year to $500 per week, while unit rents have risen 5.4% to $390 per week.

Sunshine Coast

On the other well-known strip of coastline in Queensland, results over the year to March are a little more subdued.

Over the year, the median house price on the Sunshine Coast increased 4.4% to $529,000, while the median unit price increased 3.3% to $383,000.

Sales volumes fell 0.2% over the 12 months; however they are up 15% on the five-year average.

Sales have also slowed, with houses spending and extra two days on the market, while units are taking a day longer to sell.

Growth in the rental market has also been subdued, with house rents improving just 2.2% to $460 per week, while unit rents grew 4.2% to $375 per week.

Townsville

Conditions in the Townsville region are currently little to write home about.

In the year to March, house prices fell 2.2% to a median of $323,000, while the median unit price declined 3.2% to a median of $258,000.

Over the year, sales are down 8% and they are also currently 10% below the five year average.

Houses are taking an extra four days to sell than they were a year ago, while units are spending 11 days less on the market.

In the rental market, house rents have fallen 5.7% over the year to $330 per week, while the weekly unit rent has fallen 1.7% to $295 per week.
Wide Bay

Conditions in the Wide Bay region were relatively flat over the 12 months to March.

House prices in the area grew just 1% over the year to a median house price of $293,000, while the median unit price fell 0.9% to a median price of $248,000.

Sales increased 4% over the year, though houses are spending an extra two days on the market and units are spending an additional four days on the market.

For the rental market, house rents have remained flat over the year at $290 per week, while unit rents have risen just 1.8% to $280 per week.

Cairns

Conditions in the far north of Queensland were also relatively stable over the year to March.

In the 12-month period the median house price increased 2.7% to $375,000, while the median unit price increased 0.8% to $227,000.

Over the year, total sales were down 2% across the Cairns region.

House rents in the region remained flat at $380 per week, while unit rents increased 3.6% to $290 per week.

VICTORIA

Geelong

Just outside of Melbourne’s reaches, Geelong had a relatively unexciting 12 months to March.

The median house price in the 12 months increased 5.4% to $445,494, while unit values have increased by 2.8% to a median of $332,427.

Sales volumes were up 2 per cent over the year and are currently 7 per cent above the five year average for the region.

Houses are taking an extra four days to sell, while units are spending an extra eight days on the market.

Over the year, house rents increased 1.5% to $335 per week, while unit rents increased 1.8% to $285 per week.

Latrobe – Gippsland

The market in the Latrobe – Gippsland region was relatively quiet in the year to march.

The median house price improved 3% to $300,000 over the period, while the median unit price improved 2.1% to $234,000.

Sales time improved by four days for houses over the year, while they slowed by eight days for units.

Rental rates across the region increased by 3.8% to $270 per week for houses and 4.5% to $230 per week for units.

WESTERN AUSTRALIA

Bunbury

Bunbury’s market had an up and down run over the year to March.

The median house price increased 0.3% to $386,378 over the year, while the median unit price fell 3.7% to $323,211.

Total sales were down by 11 per cent over the year, with current sales activity 4 per cent below the five year average for the region.

Houses are spending an extra 10 days on the market, while an additional 12 days is needed for a successful unit sale.

In the region’s rental market house rents remained unchanged over the year at $360 per week, while unit rents fell 5.7% to $330 per week.
 
 
 

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