Regional Prices Soar
Regional property price growth continues to outpace capital city price growth, as more Australians move out of urban areas.
Combined regional dwelling values grew by 9.7% in the 12 months to February, compared with the combined capital cities, which grew by 8.4%, according to PropTrack data.
The regional price surge was driven by New South Wales, Victoria and Tasmania markets.
Cotality predicts that regional property price growth will continue to outpace that of the capital cities.
Domain Senior Economist Joel Bowman says price growth in the combined regional markets has been exceeding the combined capital cities’ price growth for more than 12 months.
“Regional markets are likely to continue to outperform the capital cities in the near term. There’s a greater undersupply of housing, and we’re seeing greater rent pressure, and I think that’s supporting greater price growth,” he says.
