Regional property remains strong

DWELLING values outside of southeast Queensland are proving more resilient than those in the capital, with values down just 1.89 per cent since their peak compared to 2.77 per cent in Brisbane.

The latest PropTrack Market Insights Report shows that demand for more affordable regions and larger homes continues to support regional values, with three regions hitting peaks in October – Toowoomba, up 12.96 per cent year-onyear, Townsville up 6.41 per cent and Mackay-Isaac-Whitsunday up 7.28 per cent.

And those same regions could still be rising, PropTrack senior economist and report author Eleanor Creagh said, adding that the “regional renaissance” that lead to regional home prices booming throughout the pandemic had seen prices outside of the capitals holding up stronger.

Cairns values were down 0.2 per cent in October.

“Regional home prices have increased 6.49 per cent in the past year, compared to a 2.08 per cent decline in the capitals,” she said.

“Home price falls in regional Australia are also not as widespread as metro areas.

“Out of the 42 regional areas classified by the Australian Bureau of Statistics as SA4s, 28 have seen prices fall from their peak, while 41 of the 46 metro regions have seen home prices slip from peak levels.”

At the other end of the spectrum is the Sunshine Coast and Gold Coast, arguably two of he hottest regions for interstate migration during the pandemic migration.

Both have seen values falling the fastest on the back of interest rate hikes, with Sunshine Coast values dipping 5.1 per cent from their peak and the Gold Coast down 2.2 per cent. Regional Queensland is down 1.89 per cent from its peak and down 0.05 per cent in October.