Property prices in regional Australia are surging upwards while the median dwelling value for the combined capital cities fell in the last three months, according to the Domain House Report for the June Quarter.
Canberra and Hobart were the capital cities to record an increase in median house prices in the quarter with Canberra up 2.8% and Hobart up 0.9%, while Adelaide recorded no change.
“Regional areas typically do not provide the big swings of cities, and do provide homeowners with steady capital growth,” Domain senior research analyst Nicola Powell says.
Regional markets are less reliant on overseas and interstate migration, which had been brought to a standstill by coronavirus, she says.
Year-on-year, the biggest price changes in each state were in the LGAs of : (1) Isaac, Central Qld where prices rose 32%; (2) Leeton, NSW which recorded a 23% increase; (3) Huon Valley, Tasmania which notched up an extra 22%; and (4) Colac Otway, Victoria where an uplift of 19% was recorded.