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Regions Outpace the Cities

Regions Outpace the Cities

Regions are continuing to outpace capital cities in terms of property price growth.

New house price data shows that the combined regional property value rose to almost $623,000 in the year to the end of April 2024.

This was up 0.8% on the previous month, while the combined capital cities only increased by 0.6% during the same period.

CoreLogic figures show that since April 2023 the regions with the biggest price increases are: Bunbury (WA) up 19.9%, Barossa (SA) up 17.9%, York Peninsula (SA) up 17.3% and Southport (Qld) up 16.6%.

Regional areas have gained 2.6% so far in 2024, compared to 2.1% for the combined capital cities.

So far in 2024, Western Australia (up 6.3%), South Australia (up 4.4%) and Queensland (up 4.1%) have been the strongest performing states.

CoreLogic research director Tim Lawless says April was the 15th month in a row that prices have increased with the national median up 11.1% ($78,000) since January 2023.


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