CoreLogic RP Data research shows regional markets will grow in value.
CoreLogic RP Data’s latest Quarterly Regional Property Report confirms property markets along the eastern seaboard’s regional areas will improve.
The vibrant capital city market activity and predictions that mortgage rates are tipped to remain low will be key contributors to the value increase.
Researcher Cameron Kusher says that the prospects for achieving greater value growth is likely for a majority of the regional markets, but rising levels of unemployment “can be more detrimental to less diversified regional economies than to capital city markets”.
In New South Wales, sales volumes in Newcastle and Lake Macquarie
looked positive but were still well below levels seen during market peak in the early 2000’s.
6,729 houses and 1,463 units were sold in the 12 months to November 2014, with current sales activity 5% above the five year average.
Results showed Illawarra was a strong performer over last year with sales activity 7% above the five year average and median house values up 8.2% over 2014.
In Queensland, values have been rising since mid-2013 in the Sunshine Coast and the Gold Coast saw house values 5.2% higher over 2014.
In Wide Bay homes are taking more than three months to sell; Cairns saw home values increase over the year up 5.8% for houses and in Townsville values fell by -2.2% for houses while sales volumes dropped overall by -9%.
In Victoria, Geelong home values were 5.9% higher for houses in December while the number of homes sold across the region fell over 2014, down -1% for houses.
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