Double-digit growth boom for Australia’s regional housing markets

Cheap access to credit, a newfound popularity of working from home and an affordability advantage has contributed to Australia’s 25 largest non-capital city regions achieving a record increase in house values in the past year.

Australia’s booming property market has reached record highs in the face of extended lockdowns and growing affordability constraints, resulting in the strongest annual growth in more than 30 years.

The Delta outbreak has interrupted the recovery of the Australian economy and GDP is expected to have declined materially in the September quarter. The outbreak is affecting many parts of the economy, but the impact is uneven, with some areas facing very difficult conditions while others are continuing to grow strongly.

CoreLogic’s national home value index recorded a 2.8% rise in March, the fastest rate of appreciation since October 1988 (3.2%). These exceptionally strong growth conditions remain broad-based, with values rising by at least 1.4% across each of the capital cities and ‘rest-of-state’ areas over the month.

CoreLogic's head of research, Eliza Owen, has published a new report looking at Australia's regional property markets, which are currently experiencing booming conditions. The report  shows that the Illawarra is out-performing capital cities and other regional area's on a 10 year annualised growth rate in NSW. 

With conditions like this 2021 could be the perfect time to sell your property.  The East-Coast residential market is active with many property owners shifting their lifestyle after the year we've had. Some are looking to relocate out of metropolitan areas, upgrading their spaces as they are find they are spending more time at home or simplifying their accommodation into smaller minimalist living.

With the economy out of recession, clearance rates steadily rising and house prices stable, Australians' appetite for property will return.  But is your property ready for the market.?