Australian Regional Home Demand Depletes | Kanebridge News
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Australian Regional Home Demand Depletes

Data suggests the want for a pandemic-fuelled change of scenery is diminishing.

By Terry Christodoulou
Wed, Sep 8, 2021Grey Clock < 1 min

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.

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Strong performances in Melbourne, Adelaide and Canberra lifted the national average.

By Kanebridge News
Mon, Aug 8, 2022 2 min

Following on from the rate rise early last week, the weekend’s auction market remained resilient, despite a lack of listings reflecting the growing unease of sellers.

The national auction market reported a clearance rate of 60.9% at the weekend — lower than the 62.0% reported last weekend and well below the 81.5% recorded over the same weekend last year.

National auction volumes were lower at the weekend with only 1202 listings compared to last weekend’s 1543 and significantly lower than the same weekend last year’s 2100 auctions.

The Sydney market eased at the weekend, following the previous week’s slight uptick.

The Harbour City recorded a clearance rate of 57.8% at the weekend — lower than the 62.5% of the previous weekend and well behind the 83.0& of the same weekend last year.

Auction numbers too were down on the previous weekend – only 421 reported compared to 570 and well below the 532 auctioned over the same weekend last year.

Sydney recorded a median price of $1,470,000 for houses sold at auction at the weekend — lower than the $1,497,000 recorded last weekend and 8.4% down on the same weekend last year’s figure of $1,605,000.

Melbourne’s weekend auction market saw another solid result, with a clearance rate of 62.1% — slightly higher than the previous weekend’s 60.5% but lower than the 71.7% over the same weekend last year.

A total of 550 homes were recorded listed at the weekend in the Victorian capital — significantly lower than the 692 reported over the previous weekend and well below the 1301 listed over the same weekend last year.

Melbourne recorded a median price of $968,500 for houses sold at auction at the weekend — similar to the $970,000 reported last weekend and just 0.9% higher than the $960,000 recorded over the same weekend last year.

Elsewhere around the country, Brisbane failed to reach a clearance rate of 50%, managing to clear only 46% of the 84 listings recorded, while Adelaide and Canberra both performed strongly with rates of 72.5% and 66.2% respectively.

Data powered by Dr Andrew Wilson, Myhousingmarket.com