Regional areas a draw for established buyers and retirees: Domain
- Regional resurgence in coastal areas including Tweed and Wollongong, with yearly price growth to date now 13-20 percent
- Richmond Valley records strongest quarterly growth, up 16.4 percent
- Median house prices in Dubbo, Orange, Wagga Wagga and Mackay are down over the quarter
There are some major market movements in the March quarter and across the calendar year, with Domain’s data revealing more Aussies are looking towards regional areas, with some coastal regions recording significant growth.
The Domain Regional House Price report includes; the median house prices for Ballarat, Greater Bendigo, Greater Geelong, Wodonga, Albury, Ballina, Clarence Valley, Coffs Harbour, Dubbo, Lismore, Newcastle, Orange, Richmond Valley, Tweed, Wagga Wagga, Wollongong, Cairns, Gold Coast, Mackay, Rockhampton, Sunshine Coast and Townsville.
Domain Chief Economist, Dr Andrew Wilson told Elite Agent that people were snapping up properties in regional areas because they were either downsizing or looking for retirement homes.
“Overall there is a trend seen in northern New South Wales, and Southern Queensland as the over the top prices in Sydney are driving people out to regional areas to buy homes in Byron Bay, Lismore, and Coolangatta,” he said.
Wilson said he was surprised to see places such as Orange, Wagga Wagga and Albury going through subdued growth.
“Regional areas are more for established buyers and not so much for first time home buyers,” he added.
Here is the breakdown of regional median home prices based on three states Victoria, New South Wales and Queensland:
Median house prices in Ballarat remained steady over the March quarter, flat at $325,000. Annually, median house prices in the Ballarat region increased by 1.6 percent.
Greater Bendigo’s median house price grew by 6.8 percent over the quarter, reaching $350,000. Annually, median house prices in the Bendigo region increased 2.9 percent.
Geelong’s median house price increased 2.8 percent over the March quarter, reaching $452,500. This follows a strong year of market growth, with prices increasing by 7.7 percent annually.
Median house prices in Wodonga increased by 1.5 percent over the March quarter, reaching $330,000. The region’s annual prices grew 4.8 percent.
New South Wales
Median house prices in Albury increased by 2.5 percent during the March quarter to $347,000. This follows significant annual price growth of 11.9 percent.
Over the March quarter, house prices in Ballina increased by 2.4 percent, reaching $550,000. Overall, the region experienced an annual increase of 5.8 percent.
The median house price in Clarence Valley increased by 4.9 percent over the March quarter to $376,500. This follows a sharp annual increase of 15.8 percent.
The median house price in Coffs Harbour increased by 2.0 percent to $459,000. The region’s annual performance grew by 5.0 percent.
House prices in Dubbo fell by 3.3 percent this quarter, reaching a median price of $355,000. This contrasts a steady year of market activity, with median house prices increasing by 1.7 percent annually.
The Lismore housing market remained steady over the March quarter, increasing marginally by 0.3 percent to $350,000. Annual house prices in Lismore grew by 5.7 percent.
The median house price in Newcastle increased by 5.8 percent over the March quarter, reaching $570,000. The region has experienced a significant annual growth of 16.3 percent.
Orange’s median house price decreased by 4.2 percent over the March quarter, to $345,000. The fall is in line with Orange’s annual house price median, which declined by 1.4 percent over the year.
Median house prices in Richmond Valley increased a significant 16.4 percent over the March quarter, reaching $319,000. Annually, median house prices rose by 5.5 percent.
The median house price in Tweed reached $565,000 over the March quarter, up 6.6 per cent over the quarter and a significant 13.2 percent over the year to date.
Over the March quarter, median house prices in Wagga Wagga decreased marginally by 1.8 percent to $335,000. The region’s annual median price fell by 5.2 percent.
The median house price in Wollongong increased 3.9 percent over the March quarter, reaching $722,000. This follows strong annual growth in Wollongong, rising by a significant 19.3 percent over the year.
Over the March quarter, Cairns’ median house price increased slightly to $417,000, up 0.5 percent. Annually, the median house price increased by 4.3 percent.
The median house price in the Gold Coast increased by 0.8 percent to $600,000 over the March quarter. Gold Coast prices experienced a strong increase of 8.1 percent over the year.
House prices in Mackay have decreased 5.9 percent over the quarter, reaching a median of $305,000. The fall is in line with Mackay’s annual performance, with a 10.3 percent decline in price growth over the year.
The median house prices in Rockhampton remained flat at $315,000 over the quarter. Overall, median prices in the region decreased slightly by 1.6 percent over the year.
Over the March quarter, the median house price in the Sunshine Coast grew 3.2 percent to $570,000. Similarly, house prices grew by 7.6 percent across the year.
Over the March quarter, median house prices in Townsville fell to $330,000, a 4.3 percent decline. Overall, the region’s median price fell 2.9 percent over the year.