Regional markets see a significant increase in value: CoreLogic
Australia’s regional market has seen significant increase in dwelling values over the year, according to the recent CoreLogic Pain and Gain report.
While coastal regions in commutable distance from the CBD have traditionally seen strong growth rates, some regions farther interstate are also on the uptick.
“Part of this high capital growth across tree change areas may be due to the relative affordability of more remote areas in regional Australia, enhanced by the normalisation of remote work through COVID-19”, the report read.
Ballarat saw the highest growth rate of SA4 markets in regional Victoria over 2020, with values increasing 6.5 per cent in value.
However, Ballarat saw an increase in the rate of loss-making sales, with a marginal 10 basis point increase.
Across the major non-coastal regions, 5.1 per cent of observed resales sold for a nominal loss, down from 5.8 per cent in the previous quarter.
Coastal regional markets increase the rate of profit-making sales
Each of the nine major coastal regional markets analysed in the report saw an increase in the rate of profit-making sales over the September quarter.
Over the quarter, six of the regions recorded a rate of profit-making sales over 95 per cent.
These were Geelong, Illawarra, the Mid North Coast, the Newcastle Lake Macquarie region, the Richmond Tweed region and the Sunshine Coast.
“The Sunshine Coast reached a historic level of profitability, with 96.4 per cent of properties selling for a nominal gain compared with the previous sale.” The report stated.
Sunshine Coast saw a median profit of $195,000 over the quarter, based on a relatively low hold period of 6.7 years.
Geelong remained the most profitable of the major regional coastal markets, with 98.6 per cent of properties selling at a profit.
Here are three regional properties on the market right now
1. Miramar Geelong
Address: 18-20 Cavendish Street, Geelong VIC 3220
Delivered by Morris Property Group, Miramar offers world-class bay views, outstanding amenity and in-house facilities including a gymnasium, landscaped barbeque area and resident’s lounge.
Miramar will be Geelong's tallest residential tower, consisting of one, two and three-bedroom homes just metres from the foreshore.
2. Highpoint, Charlestown
Address: 2 Charles Street, Charlestown NSW 2290
Considered one of the nation’s most consistent markets, Charlestown boasts some of the region’s best medical and financial facilities as well as the region’s biggest shopping and entertainment precincts.
GWH's Highpoint project offers the perfect mix of location, convenience, features, price and design, with apartments in two and three-bedroom configurations still available. The residence features a terrace garden, entertainment and barbeque area on the level three podium.
3. Aura Terraces, Caloundra West
Address: New Road, Caloundra West QLD 4551
Three-bedroom townhouses from $433,900
Located in a high and expanding employment area, Aura is only a short drive to the beautiful beaches of Caloundra and is set to become the Sunshine Coast's largest employment generator.
In the next five years, construction will be completed on the city centre and people’s place, with amenities including 10 parks, sports fields, a Southbank style lagoon, dining precinct and major retailers.
