The Outperforming Regional Markets

Growth in Australia’s regional property markets continues to outpace capital city price growth.

In the three months to January, dwelling value growth in Australia’s regional markets is up by  3.2%, while combined capital city markets during the same period are up by 2.1%.

The latest Cotality Regional Market Update shows that Wagga Wagga in New South Wales is the best performer with its dwelling values up by 8.1% over the quarter, followed by Albany in Western Australia which is up by 7.7%.

Launceston in Tasmania is up by 7.4%, in South Australia, Victor Harbor-Goolwa is up by 6.4%, Toowoomba in Queensland is up by 5.7% and Ballarat in Victoria is up by 5.8%.

According to the report, selling conditions are strongest in regional Western Australia and Queensland with median days on market of 20 and 24 days, respectively. Vendor discounting for both markets is at just 3.3%.

“Regional sales activity remained mixed,” it says. “Victoria recorded the strongest uplift, with sales up almost 27% over the year.”