Australian Regional Home Demand Depletes
Data suggests the want for a pandemic-fuelled change of scenery is diminishing.
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In the midst of the first wave of COVID across Australia’s capital cities, reports of rising regional property demand emerged, with a number of city-dwellers looking to the regions for a socially distanced slice of life.
However, the latest report by CoreLogic shows that prices in the regions are growing at a slower pace since the start of 2021 – especially when compared to the capital cities.
From January to August house pieces in regional NSW grew by 15.5% – compared to Sydney’s 22.5% rise according to CoreLogic’s Data.
Queensland saw similar results with house prices rising 15.6% regionally, and 16.8% in Brisbane.
In South Australia, regional houses grew 9.8% compared to Adelaide’s 14.4% gain.
Victoria bucked the trend, with Melbourne recording a slightly lower growth rate of 14.9% compared to the 15.9% growth in regional Victoria.
Since the end of January, house values across the combined capitals have risen by 16.8% higher while regional house values were up by 14.7%.
Where regional growth has slowed the most include Warrnambool, Victoria – where house price gains had slowed by 6% to 3.7% in the three months to August – and Shepparton, Victoria – which slowed 5.5% to 2.4% during the same period.
NSW saw its central coast region drop by 4.3% to 7.1% – still a robust growth rate.
Before easing trends emerged, regional house values had recorded consistently higher rates of capital gain than the capitals since April 2020.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
