Regional House Prices Still Rising
While the price growth in regional Australia’s property markets slowed earlier this year, new analysis shows it is starting to catch up again.
Prices across the combined capital cities increased by 5.95% since December 2022, while at the same time, the combined regional centres increased by 2.43%.
PropTrack senior economist, Eleanor Creagh, says price growth had slowed in regional areas because of an increase in listings. Stock on market increased and demand eased, which led to price growth slowing.
The number of properties listed for sale had normalised now in parts of regional NSW, Victoria, Tasmania and the Northern Territory, according to Creagh.
It remains tight in regional Queensland, South Australia and Western Australia.
Total listings in regional NSW increased by 4.4% in September to reach the highest level in three years, and listings in regional Victoria and Tasmania were 37.6% and 30.7% year-on-year respectively.
Despite this, the pace of price growth in regional markets increased in October by 0.32%.
