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Where have house prices increased more than 1,200%?
COVID-19 has been accelerating interest in regional Australia, as identified by REA Insights Regional Australia Report 2020.
Where have house prices increased more than 1,200%?
COVID-19 has been accelerating interest in regional Australia, as identified by REA Insights Regional Australia Report 2020.
Prior to COVID-19, fringe cities were benefiting from population growth and affordability, and that trend has continued to accelerate. The biggest change occurring is the rising popularity of areas that are not within commuting distance to a CBD.
Western Australia’s Wheatbelt and Coffs Harbour-Grafton have had the strongest QoQ price growth at 11.7 per cent and 8.7 per cent, respectively. Bangalow, Thirroul and Bulli in NSW are the most in-demand suburbs in Australia, averaging around 10,000 views per listing on realestate.com.au.
Over the past five years, there has been a gradual shift to some parts of regional Australia. Specifically, to areas located on the fringe of capital cities. COVID-19 has led to a significant change in the way that property seekers search on realestate.com.au, and it was one of the earliest indicators that there was a shift in preference to regional Australia. The main reasons have been due to the resurgence in the mining sector and changes to the way Australians are working as a result of COVID-19, with remote working becoming more prevalent.
The change in views per listing was higher in regional Australia than it was in capital cities, with the strongest being ACT with average views per listing surging more than 90 per cent over the last six months.
Over the last 20 years, beachside areas have become more attractive, which has resulted in strong price growth. The strongest performing regional town over that same time period is Bangalow, near Byron Bay, which has seen its median house price increase more than 1,200 per cent from $76,025 in 2000 to $1.05 million in 2020.
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