INDUSTRY NEWSNationalReal Estate News

Regional price growth continuing, Domain says

New data from Domain shows the tree and sea change trend is continuing, with property prices increasing in 92 per cent of regional local government areas during the most recent quarter.

Glen Innes Severn Shire recorded the highest growth among regional areas, prices jumping 30.8 per cent from a year earlier to a median of $340,000, according to Domain’s most recent House Price Report.

Prices in neighbouring Armidale Regional Council increased by 29.6 per cent to $520,000, while in the Upper Hunter they increased 22 per cent to $455,000.

Despite house prices falling at a national level, Domain’s Chief of Research and Economics, Dr Nicola Powell said many regional areas are continuing to outperform the market.

“Many regional house prices are still outperforming their city counterparts even though the pandemic-induced boom is over,” Dr Powell said.

Much of this was to do changes in work patterns, Dr Powell said.

“The pandemic has created a widespread re-pricing in regional areas with housing becoming more expensive across the board,” she said.

“The ability to work from home has allowed metro workers to continue to seek regional housing, changing the demographic and outlook of house prices in these areas.”

Another aspect of the continued growth in regional prices was the fact that, although prices had risen, they remained below capital city levels in most areas.

“While the price looks different to a local, someone from the city will be drawn to the area because the median price is considerably lower,” she said.

The exception to the trend was high-cost lifestyle locations that had boomed during the start of the pandemic and were now leading regional price declines, Dr Powell said.

“… some regional areas that boomed earlier in the pandemic are expectedly leading the regional downturn such as popular holiday spots such as Byron Shire and Kiama,” she said.

Dr Powell said that although the rate of price growth was down on peak levels, it appeared that regional areas were less affected by changing market conditions.

“Although the peak rate of growth in house prices had passed, the regions appear to be less impacted as prices stabilise,” she said.

“House prices in Melbourne have fallen 5.6 per cent from their peak, whereas in regional Victoria they’ve fallen 1.7 per cent from the March 2022 peak.

“In Sydney, house prices have fallen 11.3 per cent from the peak whereas in regional NSW by just 1.4 per cent.”

She said that for many regional homeowners who had purchased their property prior to the pandemic boom it remained a good time to sell.

“The regional housing boom is starting to lose steam after interest rate rises but it’s still a great time for homeowners looking to sell,” she said.

“Most regional markets have hit their peak and will experience a slowdown in the annual change.

“But many of these regions are unlikely to head back to pre-COVID prices given that the areas are still more affordable than houses in the capitals.

“Regional housing markets peaked later and while we’ll likely see prices pull back, we’ll probably see a softer landing in regional areas than in the cities.”

NSW regional prices

HousesDec-22Dec-21Dec-17YoY5-Yr
Albury$525,000$470,000$321,000+11.7%+63.6%
Armidale Regional$520,000$401,250$338,500+29.6%+53.6%
Ballina$1,040,000$965,000$590,000+7.8%+76.3%
Bathurst Regional$664,000$600,000$420,000+10.7%+58.1%
Bega Valley$830,000$795,000$495,000+4.4%+67.7%
Bellingen$800,000$850,000$450,000-5.9%+77.8%
Broken Hill$181,250$155,000$122,500+16.9%+48.0%
Byron$1,490,000$1,650,000$850,000-9.7%+75.3%
Cessnock$617,000$560,000$363,500+10.2%+69.7%
Clarence Valley$585,000$520,000$379,000+12.5%+54.4%

Source: Domain

Victoria regional prices

HousesDec-22Dec-21Dec-17YoY5-Yr
Alpine$710,000$780,000$415,250-9.0%+71.0%
Ararat$387,500$350,000$256,250+10.7%+51.2%
Ballarat$570,000$555,000$338,500+2.7%+68.4%
Bass Coast$770,000$775,000$431,000-0.6%+78.7%
Baw Baw$617,500$613,750$399,000+0.6%+54.8%
Benalla$437,500$427,000$268,000+2.5%+63.2%
Campaspe$452,500$417,500$300,000+8.4%+50.8%
Central Goldfields$400,000$350,000$223,250+14.3%+79.2%
Colac Otway$560,000$524,000$350,000+6.9%+60.0%
Corangamite$440,000$382,500$247,000+15.0%+78.1%

Source: Domain

Queensland regional prices

HousesDec-22Dec-21Dec-17YoY5-Yr
Banana$235,000$231,000+1.7%NaN%
Bundaberg$445,000$365,000$300,000+21.9%+48.3%
Burdekin$230,000$220,000$192,000+4.5%+19.8%
Cairns$550,500$495,000$418,000+11.2%+31.7%
Cassowary Coast$340,000$352,000$290,000-3.4%+17.2%
Central Highlands$280,000$290,000$202,500-3.4%+38.3%
Charters Towers$260,000$220,000+18.2%NaN%
Douglas$640,000$545,000$428,000+17.4%+49.5%
Fraser Coast$530,000$460,000$319,000+15.2%+66.1%
Gladstone$405,000$380,000$276,500+6.6%+46.5%

Source: Domain

South Australia regional prices

HousesDec-22Dec-21Dec-17YoY5-Yr
Adelaide Plains$535,000$420,000+27.4%NaN%
Alexandrina$605,000$500,000$382,000+21.0%+58.4%
Barossa$500,000$450,000$360,000+11.1%+38.9%
Berri Barmera$292,500$260,000$224,000+12.5%+30.6%
Clare And Gilbert Valleys$355,000$330,000$274,925+7.6%+29.1%
Copper Coast$370,000$315,000$257,000+17.5%+44.0%
Grant$420,000$357,000+17.6%NaN%
Light$500,000$477,500$340,000+4.7%+47.1%
Loxton Waikerie$350,000$270,000$230,000+29.6%+52.2%
Mid Murray$324,000$280,000$266,500+15.7%+21.6%

Source: Domain

Western Australia regional prices

HousesDec-22Dec-21Dec-17YoY5-Yr
Albany$490,000$435,000$380,000+12.6%+28.9%
Augusta-Margaret River$700,000$597,500$535,000+17.2%+30.8%
Bridgetown-Greenbushes$445,000$420,000$342,500+6.0%+29.9%
Broome$670,000$635,000$497,500+5.5%+34.7%
Bunbury$365,000$350,000$330,000+4.3%+10.6%
Busselton$663,500$570,000$520,000+16.4%+27.6%
Capel$475,000$420,000$405,000+13.1%+17.3%
Collie$267,500$230,000+16.3%NaN%
Coolgardie$155,000$141,250+9.7%NaN%
Dardanup$430,000$410,000$370,000+4.9%+16.2%

Source: Domain

Tasmania regional prices

HousesDec-22Dec-21Dec-17YoY5-YR
Break O’Day$550,000$447,500$235,000+22.9%+134.0%
Burnie City$409,000$365,000$230,000+12.1%+77.8%
Central Coast$515,000$431,000$275,000+19.5%+87.3%
Devonport City$463,000$420,000$243,000+10.2%+90.5%
George Town$366,000$335,000$180,000+9.3%+103.3%
Huon Valley$655,000$507,500$320,000+29.1%+104.7%
Latrobe$565,000$515,500$290,000+9.6%+94.8%
Launceston City$560,000$500,000$294,000+12.0%+90.5%
Meander Valley$547,500$490,000$290,000+11.7%+88.8%
Northern Midlands$502,000$452,500$270,000+10.9%+85.9%

Source: Domain

Northern Territory regional prices

HousesDec-22Dec-21Dec-17YoY5-YR
Alice Springs$524,000$490,000$461,500+6.9%+13.5%
Katherine$422,500$377,500+11.9%NaN%

Source: Domain

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com

Jack Needham

Jack Needham was a Digital Editor at Elite Agent in 2022 & 2023