The Rise of Regional Property Markets in Australia
The Rise of Regional Property Markets in Australia
Regional property prices in Australia are now surpassing those of the capital cities, driven by substantial growth in Western Australia and Queensland. According to CoreLogic, regional dwelling values rose by 1.2% in the three months to January 2024, outpacing the 1.0% increase in capital cities.
Coastal towns like Albany and Bunbury in WA saw impressive quarterly rises, with values growing by 7.7% and 6.2%, respectively. Similarly, northern NSW's Lismore and Queensland's Townsville recorded substantial growth rates.
Properties in these hotspots are selling faster than ever, with some regions even surpassing the 20-day median time-on-market benchmark. Bundaberg, Queensland, emerged as the leader in this aspect, with a median time on market of just 15 days.
Factors such as population growth, lifestyle appeal, and improved infrastructure are driving the demand for regional properties. However, challenges persist in certain areas, as Tasmania's Launceston and Devonport witnessed quarterly declines.
In conclusion, the surge in regional property markets signifies a significant shift in real estate dynamics. While fuelled by factors like affordability and lifestyle appeal, the sustainability of this trend remains subject to various economic and demographic influences.
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