New research from CoreLogic shows Australia's regional centres are taking their lead from capital cities when it comes to sales activity.
The latest CoreLogic Regional Report reveals challenging property market performances outside Australia's capital cities, with falling sales activity in the twelve months to February 2019.
New South Wales’ Illawarra and Western Australia’s Bunbury region were among the regions where both house and unit values fell over the year, with the former recording 21 per cent drop in sales volumes from February 2018.
Illawarra also saw the largest annual decline in house values (-10.1 per cent), while the Bunbury region saw sales volumes fall -7 per cent over the 12 months to February 2019.
Sales activity was lower year-on-year across all three New South Wales regions, with the biggest fall in sales volumes seen across Illawarra (-21 per cent) when compared to February 2018.
A proposed unit at 16/41 Holman Street, WA, 6230. As seen on Luxury List.
Commenting on the regional report findings, CoreLogic research analyst Cameron Kusher said, the regional markets are taking were taking their lead from the capital cities.
The annual rate of value growth winding down across most regions," he said.
"While value growth is typically slowing, many regional markets are experiencing a lift in rental rates.”
According to the report, the largest annual increase in dwelling values for both houses and units was found in Victoria’s Latrobe-Gippsland region, which also delivered the largest increase in advertised rental rates for houses over the year to March, up 7.1 per cent.
Victoria was also the location of the largest increase in rental rates for units, in Geelong (up 6.7 per cent).
Renters in New South Wales’ Illawarra region saw no change in advertised rental rates for houses or units’ year-on-year, while Queensland’s Wide Bay saw no change for advertised rentals of units.
Western Australia saw no change for advertised rentals of houses.
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