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Country versus City, dwelling values vary around Australia
While housing affordability in Australia’s capital cities have been in focus over recent months, recent stats from CoreLogic show marked differences in regional dwelling values between the states and territories.
While dwelling values across Australia’s national regional housing markets were found to have remained flat over the month of October according to the CoreLogic home value index results for October 2017, they showed a -0.1% quarterly decline, the largest since 2014, and a 4.9% annual improvement, the lowest since February 2017.
NSW – Country
Regional New South Wales saw monthly growth of 0.2%, quarterly growth of 0.7% and annual growth of 9.7%. While these growth rates are slowing compared to prior figures, regional NSW has recorded faster annual growth than Sydney over the past two months.
VIC – City
Regional Victoria saw dwelling values grow by 0.3%, the area’s greatest monthly increase since April 2017. However, on a quarterly basis, values dropped by -0.3%. Dwelling values in regional Victoria were also found to be increasing much more slowly than those of Melbourne, with increases of 4.4% and 11% respectively.
QLD – City
Regional Queensland saw dwelling values fall -0.2% monthly and -0.5% quarterly, though they were found to be 1.6% higher than those recorded last year. This annual value growth remains slower than the moderate growth recorded in Brisbane.
SA – City
Regional South Australia recorded consistent declines, dropping -0.5% monthly, -2.1% quarterly, and -9% annually – weaker results than the moderate increases recorded in Adelaide.
WA – City
Regional Western Australia saw dwelling values fall by -0.4% in October, -1.4% over the past quarter, and by -3.0% over the past year. These are steeper declines than what’s been recorded in Perth, where dwelling values have actually not fallen for the past two months.
TAS – City
Regional Tasmania saw dwelling values increase by 0.3% in October 2017. While these values were down -0.4% over the past quarter, they were up by 5.4% on an annual basis, an improvement of 1.7% on the previous year’s figures. However, this grow is still slower than that of Hobart.
NT – Country
Regional Northern Territory saw dwelling values increase by 1.1% over the past month, 0.7% over the past quarter, and 1.3% over the past year. Even this modest growth was up on Darwin, which saw dwelling values fall by -5.7% on an annual basis.
Regional dwelling values in October 2017
| State/Territory | Monthly change | Quarterly change | Annual change |
|---|---|---|---|
| NSW | 0.2% | 0.7% | 9.7% |
| VIC | 0.3% | -0.3% | 4.4% |
| QLD | -0.2% | -0.5% | 1.6% |
| SA | -0.5% | -2.1% | -9% |
| WA | -0.4% | -1.4% | -3% |
| TAS | 0.3% | -0.4% | 5.4% |
| NT | 1.1% | 0.7% | 1.3% |
| National | – | -0.1% | 4.9% |
Source: CoreLogic
Disclaimer
This article is over two years old, last updated on November 13, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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