The best (and worst) performing regional areas for property around Australia
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The best (and worst) performing regional areas for property around Australia

While home values and rents have reached record highs across the regions, recovery has been slower compared with city property markets

By Bronwyn Allen
Fri, May 31, 2024 12:05pmGrey Clock 4 min

Home values and rents continued to rise across most of Australia’s 50 largest regional markets over the past three months, with median prices and weekly rents at record levels in many areas. Dwelling values across regional Australia as a whole rose by 2.1 percent over the three months to April, according to CoreLogic’s latest quarterly regional market update. This was the fastest rate of growth in nearly two years and outpaced the capital cities, which rose by 1.7 percent.

“After falling 5.8 percent between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high,” said CoreLogic economist, Kaytlin Ezzy. Many regional markets experienced runaway price growth during the pandemic as thousands of people left the cities. Many of the markets that experienced the greatest growth went on to experience the largest corrections.

While regional values and rents overall are at a record high, only 19 of the 50 regions analysed have returned or surpassed their record medians at this point in the recovery. The best performing areas were mostly in Western Australia and Queensland, while the worst performers were on the NSW coast and southern highlands, and in Victoria. In terms of weekly rents, 37 of the 50 regions are at record highs and 47 recorded increases in rents over the past three months.

“Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike. The outlook for regional housing markets will heavily depend on demographic trends, housing supply, localised economic drivers and the outlook for interest rates,” Ms Ezzy said.

Here is a summary of 10 regional markets, incorporating some of the strongest and weakest areas.  

Batemans Bay, NSW  

The south coast town recorded the highest increase in weekly rents over the quarter. Rents rose 6 percent to a median $570 per week. Home values rose 0.4 percent over the quarter to $743,712. Vendors are being forced to discount their original selling prices in Batemans Bay more than any other regional area. The average rate of discounting is 6.5 percent. Over the past five years, home values have risen 47.4 percent and rents have increased by 34.8 percent.

Ballina, NSW

Home values remain 15.9 percent below their April 2022 peak, which is the largest decline among the 50 regional markets at present. The median home value rose 1.1 percent over the quarter to $957,767. Weekly rents increased by 1.7 percent to a median $740 per week. Over the past five years, the median home price has soared 53.9 percent and weekly rents have lifted 35.5 percent.

Ballarat, VIC

Ballarat experienced the largest decline in home values over the three months to April. The median home price fell 2 percent to $541,815. Weekly rents increased by 0.4 percent to a median $425 per week. Over the past five years, the median home price has increased 30.9 percent and weekly rents have risen 22.3 percent.

Ballarat, Victoria

Shepparton – Mooroopna, VIC

Home values rose 1.3 percent over the quarter to $456,331. Weekly rents increased by 1.2 percent to a median $472 per week. Over the past five years, the median home price has lifted 49.5 percent and weekly rents have accelerated 39 percent.

Geraldton, WA

Geraldton recorded the highest quarterly growth in home values of all 50 regions, up 8.8 percent to $394,251. Weekly rents increased by 3.6 percent to a median $475 per week. The rental yield is among the highest of the 50 regions at 6.2 percent. Over the past five years, the median home price has risen 61.4 percent and weekly rents have increased 54.6 percent.

Geraldton, WA Image: Shutterstock

Bunbury, WA

Bunbury recorded the fastest average selling time over the quarter at 14 days. It also had the second highest growth in weekly rents at 4.7% to a median $627 per week. Rents have been rising strongly for an extended period, with Bunbury recording the largest annual rise in rents at 16.4%. Home values rose 6.4 percent over the quarter to $576,979. Over the past five years, the median home price has leapt 68.3 percent and weekly rents have increased by 65.3 percent.

Busselton, WA  

Busselton had the second-highest quarterly growth in home values of all 50 regions, up 7.7 percent to a median $812,050. It also recorded the second fastest selling times of the 50 regions at an average 16 days. Weekly rents increased by 2.8 percent to a median $723 per week. Over the past five years, the median home price has leapt 68 percent and weekly rents have soared 60.3 percent.

Sunshine Coast, QLD

Home values rose 3.2 percent over the quarter to $1,019,013. Weekly rents increased by 4.4 percent to a median $766 per week. Over the past five years, the median home price has grown strongly by 69.1 percent and weekly rents have lifted 46.8 percent.

Coastline at Dicky Beach in Caloundra on Queensland’s Sunshine Coast, Australia

Rockhampton, QLD

Rockhampton is a very affordable market but strong demand amid high interest rates is seeing home values lift at a rapid rate. Home values rose 5.1 percent over the quarter to a median $442,962. Weekly rents rose by 2.4 percent to a median $498 per week. Over the past five years, the median home price has skyrocketed 60.1 percent and weekly rents have charged 48 percent higher.

Launceston, TAS

Home values in Launceston rose 3.6 percent over the quarter to $534,227. Weekly rents increased by 2 percent to a median $491 per week. Over the past five years, the median home price has risen 56.7 percent and weekly rents have accelerated 33.5 percent.



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As Paris makes its final preparations for the Olympic games, its residents are busy with their own—packing their suitcases, confirming their reservations, and getting out of town.

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country. Hotels and holiday rentals in some of France’s most popular vacation destinations—from the French Riviera in the south to the beaches of Normandy in the north—say they are expecting massive crowds this year in advance of the Olympics. The games will run from July 26-Aug. 1.

“It’s already a major holiday season for us, and beyond that, we have the Olympics,” says Stéphane Personeni, general manager of the Lily of the Valley hotel in Saint Tropez. “People began booking early this year.”

Personeni’s hotel typically has no issues filling its rooms each summer—by May of each year, the luxury hotel typically finds itself completely booked out for the months of July and August. But this year, the 53-room hotel began filling up for summer reservations in February.

“We told our regular guests that everything—hotels, apartments, villas—are going to be hard to find this summer,” Personeni says. His neighbours around Saint Tropez say they’re similarly booked up.

As of March, the online marketplace Gens de Confiance (“Trusted People”), saw a 50% increase in reservations from Parisians seeking vacation rentals outside the capital during the Olympics.

Already, August is a popular vacation time for the French. With a minimum of five weeks of vacation mandated by law, many decide to take the entire month off, renting out villas in beachside destinations for longer periods.

But beyond the typical August travel, the Olympics are having a real impact, says Bertille Marchal, a spokesperson for Gens de Confiance.

“We’ve seen nearly three times more reservations for the dates of the Olympics than the following two weeks,” Marchal says. “The increase is definitely linked to the Olympic Games.”

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country.
Getty Images

According to the site, the most sought-out vacation destinations are Morbihan and Loire-Atlantique, a seaside region in the northwest; le Var, a coastal area within the southeast of France along the Côte d’Azur; and the island of Corsica in the Mediterranean.

Meanwhile, the Olympics haven’t necessarily been a boon to foreign tourism in the country. Many tourists who might have otherwise come to France are avoiding it this year in favour of other European capitals. In Paris, demand for stays at high-end hotels has collapsed, with bookings down 50% in July compared to last year, according to UMIH Prestige, which represents hotels charging at least €800 ($865) a night for rooms.

Earlier this year, high-end restaurants and concierges said the Olympics might even be an opportunity to score a hard-get-seat at the city’s fine dining.

In the Occitanie region in southwest France, the overall number of reservations this summer hasn’t changed much from last year, says Vincent Gare, president of the regional tourism committee there.

“But looking further at the numbers, we do see an increase in the clientele coming from the Paris region,” Gare told Le Figaro, noting that the increase in reservations has fallen directly on the dates of the Olympic games.

Michel Barré, a retiree living in Paris’s Le Marais neighbourhood, is one of those opting for the beach rather than the opening ceremony. In January, he booked a stay in Normandy for two weeks.

“Even though it’s a major European capital, Paris is still a small city—it’s a massive effort to host all of these events,” Barré says. “The Olympics are going to be a mess.”

More than anything, he just wants some calm after an event-filled summer in Paris, which just before the Olympics experienced the drama of a snap election called by Macron.

“It’s been a hectic summer here,” he says.

Hotels and holiday rentals in some of France’s most popular vacation destinations say they are expecting massive crowds this year in advance of the Olympics.
AFP via Getty Images

Parisians—Barré included—feel that the city, by over-catering to its tourists, is driving out many residents.

Parts of the Seine—usually one of the most popular summertime hangout spots —have been closed off for weeks as the city installs bleachers and Olympics signage. In certain neighbourhoods, residents will need to scan a QR code with police to access their own apartments. And from the Olympics to Sept. 8, Paris is nearly doubling the price of transit tickets from €2.15 to €4 per ride.

The city’s clear willingness to capitalise on its tourists has motivated some residents to do the same. In March, the number of active Airbnb listings in Paris reached an all-time high as hosts rushed to list their apartments. Listings grew 40% from the same time last year, according to the company.

With their regular clients taking off, Parisian restaurants and merchants are complaining that business is down.

“Are there any Parisians left in Paris?” Alaine Fontaine, president of the restaurant industry association, told the radio station Franceinfo on Sunday. “For the last three weeks, there haven’t been any here.”

Still, for all the talk of those leaving, there are plenty who have decided to stick around.

Jay Swanson, an American expat and YouTuber, can’t imagine leaving during the Olympics—he secured his tickets to see ping pong and volleyball last year. He’s also less concerned about the crowds and road closures than others, having just put together a series of videos explaining how to navigate Paris during the games.

“It’s been 100 years since the Games came to Paris; when else will we get a chance to host the world like this?” Swanson says. “So many Parisians are leaving and tourism is down, so not only will it be quiet but the only people left will be here for a party.”

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