Tweed shines as best regional market for price growth: CoreLogic

The Richmond–Tweed region in northern New South Wales recorded the strongest annual growth rate across 25 regional areas for houses and apartments

Tweed shines as best regional market for price growth: CoreLogic
Tweed shines as best regional market for price growth: CoreLogic

The Richmond–Tweed region in NSW has recorded an annual growth rate of 15.5 per cent in April 2021, making it the best performing unit market across the most active 25 regional areas.

CoreLogic noted across Australia’s regional house markets, the Richmond–Tweed region in northern New South Wales also recorded the strongest annual growth rate, of 21.9 per cent in April 2021, making it the best performing house market across the 25 regional areas.

The region includes the major regional towns of Lismore, Casino, Ballina, and Murwillumbah and comprises the six local government areas of Ballina, Byron, Kyogle, Lismore, Richmond Valley, and Tweed.

The weakest region was in Western Australia where the Bunbury region saw the lowest yearly growth with unit values down 4.4 per cent over the same period.

It was the only region that recorded a fall in unit values over the year to April 2021.

The Bunbury region also saw the lowest yearly growth with house values, with an increase of 3 per cent over the same period.

In terms of sales volumes, Bunbury saw the largest change in the number of houses sold across the region, up 51.4 per cent over the year to February 2021.

Units across the Launceston and Tasmania's North East region are currently selling quicker than any other region with the median time on market sitting at 24 days over the year to April.

Ballarat, Vic follows next at 27 days and the Illawarra, NSW in 34 days.

Meanwhile, selling conditions remain much more challenging across Central Queensland where units are taking around 92 days to sell.

The Townsville region (Qld) is offering the largest discounts in order to secure a unit sale (-6.5 per cent), while the lowest discounts are being offered across the Ballarat region in Victoria (-1.8 per cent).

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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