Regional property prices have soared to record highs, as Australia’s housing crisis continues to hit across the nation.
Just three of the 50 non-capital city areas studied by CoreLogic haven’t posted a rent increase in the last three months, with 37 of those at record highs.
The data shows regional dwelling values and rent prices both hit record marks in the first quarter of 2024, rising at a faster rate than those in capital cities.
House prices went up at the fastest quarterly rate in two years, jumping 2.1 per cent compared with 1.7 per cent in the cities.
And rents headed in the same direction, rising at 6.3 per cent compared with 4.9 per cent in the previous quarter.
“Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike,” CoreLogic Australia economist Kaytlin Ezzy said in a statement.
“After falling 5.8 per cent between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high.”
NSW south coast area Batemans Bay had the biggest quarterly rent increase at six per cent, with WA’s Bunbury (4.7) and Queensland’s Sunshine Coast (4.4) rounding out the top three.
Rents in Bunbury have sky-rocketed by 16.4 per cent across the past year.
Only Nowra-Bomaderry, Maryborough and St-Georges Basin-Sanctuary didn’t cop a rent increase.
Three WA regional markets top the list of highest-increasing house values, with Geraldton (up 8.8 per cent), Bussleton (7.7) and Bunbury (6.4) all climbing.
“The diversity in economic activity across these parts of regional WA and Queensland including agriculture, tourism, ports and mining would be contributing to the strength of these markets, along with their higher levels of interstate migration, relative affordability and low supply levels,” Ms Ezzy said.
