Queensland’s Mackay-Whitsunday region has emerged as the strongest performing regional detached house market over the past twelve months, the latest data has revealed.
In its latest analysis, CoreLogic has examined the performance of twenty-five of Australia’s largest residential real-estate markets in regional areas.
In terms of price growth in detached housing, it found that the Mackay-Isaac-Whitsunday region has been the top performer – albeit with this following previous declines in this region in prior years and with multi-unit prices in the region continuing to fall (see chart).
Over the twelve months to October, detached house prices in the region increased by 5.9 percent.
In second place was Launceston and North-East Tasmania, where detached house prices increased 3.8 percent.
Launceston was also the best performing multi-residential market, with multi-unit prices increasing by 10.9 percent over the period.
The easiest place to sell a house was Victoria’s Ballarat, where average houses and units remained on the market for 33 days and 30 days respectively and where vendor discounts in the unit market were least significant.
Conversely, the worst-performing detached house market was Illawarra in New South Wales, where prices declined by 5.9 percent over the year to October.
At a broad level, sixteen of the twenty-five detached housing markets saw dwelling price growth over the twelve months, as did thirteen of the multi-unit markets.
CoreLogic head of research Tim Lawless said regional markets were holding up amid demand from home buyers priced out of capital city markets and demand for holiday and investment properties from owners in Sydney and Melbourne who had been buoyed by long-term increases in home equity.
Speaking of the Mackay region, Lawless says prices are now recovering having previously fallen 28 percent between July 2012 and December 2017.
This was being aided by a gradual turnaround in mining activity and improving demand for lifestyle properties in the Whitsundays.
As for the weakest market in Illawarra, Lawless says declines in this region reflect a lag from the peak and subsequent decline in Sydney.
What’s more, this decline was concentrated in the earlier part of the twelve month period.
More recently, Lawless says the market has turned amid greater housing demand in general and Illawarra’s status a more affordable entry point relative to Sydney.