Why it matters: Regional housing markets vastly outperformed the capital cities during the pandemic.
House prices in 39 per cent of all regional areas have dropped in the past three months.
Regional Victoria was the weakest market, but the Gold Coast and Sunshine Coast outperformed as they continue to attract interstate migrants.
House prices in premium areas of NSW, such as the Southern Highlands and Byron Bay, are falling behind as city values pull ahead of the regions, data from CoreLogic shows.
The Southern Highlands, which includes the towns of Bowral, Berrima and Moss Vale, had a 2 per cent drop in property values in the past three months, driving average growth in regional areas down to just 0.1 per cent. That compares with average growth in the cities of 1 per cent over the period, the data shows.
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Nila Sweeney was a property reporter at The Australian Financial Review.
