Illawarra home values show double-digit growth amid mixed showing in regional Australia: CoreLogic

Illawarra home values show double-digit growth amid mixed showing in regional Australia: CoreLogic
Illawarra home values show double-digit growth amid mixed showing in regional Australia: CoreLogic

Property markets in regional Australia had a mixed performance in the quarter ended September 2016, with the Illawarra region in NSW recording double-digit growth for both houses and units in value terms, while values fell in Townsville and Bunbury, according to CoreLogic’s latest regional market update.

According to Tim Lawless, senior researcher at CoreLogic, “several regional property markets within driving distance to major capital cities saw strong home price growth over the past quarter”.

Some of the report’s highlights:

  • Over the year to September 2016, the Illawarra region had the largest annual increase in values for both houses (14.3 percent) and units (11.5 percent).

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       Illawarra home values show double-digit growth amid mixed showing in regional Australia: CoreLogic

  • In addition, home values rose across each of the three regions in NSW over the year ending September. 
  • For houses, Townsville in Queensland and Bunbury in WA were the only regional markets where values fell, down 2.2 percent and 0.4 percent respectively. Unit values were lower across the five regions, with the greatest falls also in Townsville (4.5 percent) and Bunbury (4.1 percent).

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       Illawarra home values show double-digit growth amid mixed showing in regional Australia: CoreLogic

Click to enlarge

       Illawarra home values show double-digit growth amid mixed showing in regional Australia: CoreLogic

  • Transaction activity rose on a year-on-year basis across the Richmond – Tweed region, while across all other regional markets analysed, sales activity was lower over the year.

In the Newcastle and Lake Macquarie and the Richmond- Tweed regions, home values rose by less, however, each property type saw gains of more than 6 per cent. When looking at transaction activity, the Richmond- Tweed region was the only region with an increase over the year (3 per cent), while sales activity fell in the other two regions. 

In Queensland, the Gold Coast and the Sunshine Coast were the strongest performing regions across the state, with both house and unit values rising. While Townsville, Wide Bay and Cairns showed moderate growth or falling values over the year. Transaction activity also fell, with sales volumes across all regions decreasing over the year, but transactions were well above the five-year average in each region with the exception of Townsville. 

Sales fell in Victoria’s Geelong and Latrobe-Gippsland regions too, down 1 per cent and 5 percent respectively. However, home values rose in both regions, Geelong recording the highest value growth, with house values increasing by 6.9 percent and unit values up 3.7 percent. 

Western Australia’s Bunbury region saw house values fall by 0.4 percent, while unit values fell by 4.1 percent. Sales volumes were down 11.5 percent over the year, and 10 percent below the five year average for the region. 

 

Tags: 
Residential Building Illawarra

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