BUBBLE BURSTS ON AUSTRALIAN REGIONAL PROPERTY PRICES | Kanebridge News
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BUBBLE BURSTS ON AUSTRALIAN REGIONAL PROPERTY PRICES

Interest rate increases and the impact of floods on regional centres have taken a toll on once sought-after areas

By Robyn Willis
Tue, Nov 15, 2022 10:04amGrey Clock 2 min

As floodwaters inundate regional towns across NSW, Queensland and Victoria, regional real estate markets have recorded the fastest decline in values in the past quarter, CoreLogic reports.

The Regional Market Update, from the property data provider oversees activity in Australia’s 25 largest non capital city regions and has revealed that the COVID-induced boom in property values has ended, with six of the most popular regions recording falls in house values of at least -6 percent. This includes the Richmond-Tweed area at -11.7 percent, the Southern Highlands and Shoalhaven, -7.1 percent, the Sunshine Coast -7.1 percent, the Gold Coast -6.4 percent, Illawarra -6.1 percent and Newcastle and Lake Macquarie -6.0 percent.

CoreLogic Economist Kaytlin Ezzy said the drop in values was not unexpected.

“It is unsurprising the Richmond-Tweed region recorded the strongest decline in house values,” she said. “Throughout the COVID period, values skyrocketed, rising more than 50 percent and taking the median house value to more than $1.1 million. 

“However the impact of this year’s floods, coupled with seven consecutive rate rises, has seen house values fall in the region by nearly -16 percent since April.” 

Housing markets also took a hit, with regional NSW recording the worst results. The Southern Highlands and Shoalhaven saw a -27.5 percent downturn in sales volumes while properties in New England and the North West region averaged the longest time on the market at 43 days.

“Sales activity has continued to soften over the quarter, with only a few regions, predominantly in northern Queensland, recording an increase in annual sales volumes,” Ms Ezzy said. 

“While down compared to the previous year, it’s important to remember that last year was one of the busiest sales periods on record, and the majority (76 percent) of regional markets analysed are still recording higher annual sales volumes compared to their previous five-year averages.”



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