Australian Property Market: Regions Post Annual Declines
- Aug 22, 2023
- 1 min read
Despite an uptick in house prices in recent months, many regional areas of Australia are posting annual declines in housing vales, according to CoreLogic’s quarterly Regional Market Update.
According to the update, which analyses 25 of largest non-capital city regions in Australia, 18 areas recorded an annual decline in house values over the year to July 2023. This is despite the regions posting modest growth in recent months.
The areas hit hardest were in the “NSW lifestyle markets” of Richmond-Tweed, down -20.4%, as well as the Southern Highlands and Shoalhaven, which dropped -15%. Meanwhile, in Victoria, the falls were led by Ballarat (-11.2%) and Geelong (-10.4%).
CoreLogic Australia Head of Research, Eliza Owen, said despite regional Australian dwelling values rising over the past five months, values are -5.6% below this time last year.
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