Regional House Prices Gather Steam
The rate of house price growth in some of the country’s more popular regions has surged in the past three months.
Data from CoreLogic shows that the pace of growth is faster in many regional locations compared to the previous quarter, following net migration to some regions picking up noticeably.
CoreLogic research director, Tim Lawless, says the “re-acceleration” in some regional markets shows that demand persists for properties in areas that have “lifestyle advantages”.
“I think we will see buyers taking advantage of the fact that prices in some of those regions are currently below their record highs and showing some affordability benefits for those that couldn’t buy in the earlier growth phase,” he says.
The data shows the pace of growth between the past two quarters was strongest in the Barossa-Yorke-Mid North region in South Australia.
Growth also picked up pace between the two quarters in the Western Australia, Wheat Belt and Outback regions, Launceston and Northeast in Tasmania and Newcastle and Lake Macquarie in NSW.
