| Best | Worst |
---|
Houses | | |
Yearly growth | Illawarra, NSW 12.0% | Bunbury, WA -6.3% |
Change in sales volume | Illawarra, NSW 14.0% | Launceston and North East, Tas -13.8% |
Days on market | Ballarat, Vic 30 days | New England and North West, NSW 99 days |
Vendor discounts | Ballarat, Vic -2.4% | Townsville, Qld -5.9% |
Units | | |
Yearly growth | Launceston and North East, Tas 14.8% | Hume, Vic -11.1% |
Change | Latrobe – Gippsland, Vic 34.6% | Launceston and North East, Tas -23.7% |
Days on market | Launceston and North East, Tas 26 days | Wide Bay, Qld 105 days |
Vendor Discounts | Ballarat, Vic -2.1% | Townsville, Qld -6.2% |
Corelogic head of research Tim Lawless said the relatively steady conditions could be attributed to stalling overseas migration which impacted the metropolitan regions far more than regional areas.
“Close to 85 per cent of Australia’s net overseas migration flows into the capital cities,” Lawless said.
“Also there likely remains some momentum in the trend towards rising demand for lifestyle properties that was prevalent prior to Covid-19.”
The analyst said regional areas offer up a variety of advantages and risks.
“On the positive side, housing prices tend to be lower, providing a more affordable entry point to the market, population densities are generally lower which is something that might be even more appealing as we move through this pandemic,” Lawless said.
“In many examples, regional areas will offer some lifestyle advantages, either via the location’s proximity to the coastline or wide open spaces.
“On the downside, regional economic conditions can be more volatile, especially those areas that are heavily dependent on a single industry for economic prosperity, and some areas may not show the same level of amenity and access to essential services as a capital city or major centre.”