Regional markets hold steady for the quarter
The latest Property Pulse by CoreLogic shows that there is little movement in non-capital city dwelling values across the country.
Across the nation, the regional markets fell by just 0.1 per cent for the quarter, the largest since the three months to October in 2014, and were up 4.9 per cent compared to October last year, the lowest yearly change since February 2017.
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CoreLogic research analyst Cameron Kusher said that despite the small amount of movement, there were still some differences between the markets of each state and territory.
“Growth in regional dwelling values generally continues to lag capital cities, however in most states the growth in values of regional property markets are generally stronger than they have been over recent years,” Mr Kusher said.
The regional breakdown for each state and territory is:
NSW
Regional dwelling values in NSW recorded a rise of 0.2 per cent over October, 0.7 per cent for the quarter and 9.7 per cent higher than this time last year. All three percentages were noted to be slowing, but regional NSW recorded faster annual growth than Sydney’s for the last two months.
Victoria
Victoria’s monthly dwelling value for October was 0.3 per cent, the largest monthly rise since April earlier this year, while the quarter experienced a 0.3 per cent fall and the last year saw a rise of 4.4 per cent, the latter of which considerably slower compared to Melbourne’s 11 per cent value growth for the last year.
Queensland
Dwelling values fell both for the month and the quarter at 0.2 and 0.5 per cent respectively, but were higher by 1.6 per cent for the last year. Compared to Brisbane, regional Queensland areas were underperforming, especially those outside of the South-East corner.
South Australia
Dwelling values were down in monthly, quarterly and yearly, at 0.5, 2.1 and 0.9 per cent respectively. Unsurprisingly, regional South Australia was weaker when compared to Adelaide.
Western Australia
Like South Australia, regional Western Australia saw dwelling values fall for the month, quarter and year at 0.4, 1.4 and 3 per cent respectively, indicating that regional Western Australia was falling slightly faster than Perth.
Tasmania
Regional Tasmania saw dwelling values rise 0.3 per cent for the month, 0.4 per cent for the quarter and 5.4 per cent for the year. Even though yearly growth was slower when compared with Hobart, it was still faster from last year’s 1.7 per cent.
Northern Territory
Dwelling values were up for the month, the quarter and the year at 1.1, 0.7 and 1.3 per cent respectively, which surpassed Darwin’s 5.7 per cent annual decline.