[ad_1]
Regional property prices have soared to record highs as Australia’s housing crisis continues to grip the nation.
When it comes to rent, all but three of 50 non-capital city areas studied by CoreLogic posted an increase in the past three months, with 37 areas reaching record highs.
The data shows regional dwelling values and rent prices hit record marks in the first quarter of 2024 – rising at a faster rate than those in capital cities.
House prices went up at the fastest quarterly rate in two years, jumping 2.1% compared with 1.7% in the cities.
Rents headed in the same direction, rising at 6.3% compared with 4.9% in the previous quarter.
“Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike,” said a CoreLogic Australia economist, Kaytlin Ezzy.
“After falling 5.8% between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high.”
The New South Wales south coast area Batemans Bay had the biggest quarterly rent increase at 6%, with Western Australia’s Bunbury (4.7) and Queensland’s Sunshine Coast (4.4) rounding out the top three.
Rents in Bunbury have skyrocketed by 16.4% across the past year.
after newsletter promotion
Only Nowra-Bomaderry, Maryborough and St-Georges Basin-Sanctuary didn’t cop a rent increase.
Three WA regional markets top the list of highest-increasing house values, with Geraldton (up 8.8%), Busselton (7.7) and Bunbury (6.4) all climbing.
“The diversity in economic activity across these parts of regional WA and Queensland including agriculture, tourism, ports and mining would be contributing to the strength of these markets, along with their higher levels of interstate migration, relative affordability and low supply levels,” Ezzy said.
