Regional areas of the country have recorded better property price growth than many capital cities
AUSTRALIA’S country regions have outperformed some of their capital city counterparts when it comes to property price growth.
AUSTRALIA’S country regions are out performing some of their capital city counterparts when it comes to property price growth.
While they may be far from the CBD, the property markets in country areas are still performing well, according to new research from Onthehouse.com.au.
It found that residential capital growth rates on a whole were lower than expected in May.
“In many areas both houses and units experienced negative growth rates for the month,’’ the report says.
In the unit market country South Australia outperformed all other areas in the year to May, with values up by 13.73 per cent.
It even out performed Sydney’s unit market which recorded an increase in values of 13.59 per cent during the same period.
During May Brisbane’s unit market dropped by 0.22 per cent, but values increased by 0.62 per cent in country Queensland.
Values were down for the quarter in both Perth and Western Australia’s unit markets during the quarter, but the regional areas performed marginally better, recording a drop of only 1.02 per cent compared to a drop of 1.21 per cent in Perth.
In the house market country areas performed much more strongly during May than their capital cities.
Regional areas of the Northern Territory, Tasmania, Victoria, Western Australia and New South Wales all performed better.
Country Western Australia was the best performer of all regions during May with its values up by 2.38 per cent.
Onthehouse consulting analyst John Edwards says the slower grow rates during May showed the market was moving away from a potentially dangerous boom.