Source: SBS
Western Australia is experiencing an exciting property market boom, with house values soaring to record highs. Regional house values and rents have outperformed capital cities in the first quarter of 2024. While capital city values grew by 1.7%, regional areas saw an impressive 2.1% increase.
The standout performers in this surge are coastal towns. Properties in Geraldton have increased by a staggering 8.8%, Busselton by 7.7%, and Bunbury by 6.4% in just the first quarter of this year. Bunbury is particularly noteworthy, leading the way in annual growth with median home prices rising by approximately $100,000, or 20.7%, over the past 12 months.
The positive trend isn't confined to Western Australia. In Queensland, towns like Townsville, Rockhampton, and Gladstone have also seen significant growth in the first three months of 2024, with increases of 5.8%, 5.1%, and 4.6%, respectively. The Gold Coast has proven particularly popular, with 17,986 homes sold in the first quarter, despite a 12.7% price jump over the past 12 months.
Meanwhile, Victoria presents a mixed bag. Castlemaine rounds off the top 10 suburbs for value growth, up 3.8% in the first quarter of 2024. However, some areas like Portland and Ballarat have become more affordable, with home values falling by 9.8% and 4.2%, respectively, over the past year.
Renting in regional areas is also becoming more expensive. Based on CoreLogic data, there’s a price increase in 94% of non-capital areas this year. As for the rental market, property in NSW and SA lead the change in the rental market of regional areas. Top three goes to Batemans Bay in NSW, Port Lincoln in SA, and Mudgee in NSW with 6.0%, 5.6% and 5.4% respectively.
Western Australia's coastal property market is thriving, with house values and rents reaching new heights. As regional areas continue to attract interest and investment, we can expect this dynamic trend to shape the property landscape in the coming months. Whether you're looking to buy, sell, or rent, keeping an eye on these booming regional markets could be the key to making savvy property decisions.
If you have any questions or need any information about Australian property, buying Australian property, selling property or looking for property management, you can leave a message or WhatsApp +61 481 988 806 to contact real estate expert, Entre Shield Property, we have the most professional sales consultants to answer any related questions for you!
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