Across Australia, the regional markets fell by just 0.1 per cent for the quarter (the largest since the three months to October 2014) and rose by 4.9 per cent compared to October last year (the lowest yearly change since February 2017).
CoreLogic research analyst Cameron Kusher said that despite the small amount of movement, there are still some differences between the markets of each state and territory.
“Growth in regional dwelling values generally continues to lag capital cities; however, in most states, the growth in values of regional property markets are generally stronger than they have been over recent years,” Mr Kusher said.
The regional breakdown for each state and territory is as follows:
New South Wales
Regional dwelling values in NSW recorded a rise of 0.2 per cent over October, 0.7 per cent for the quarter and 9.7 per cent higher than this time last year. All three percentages were noted to be slowing, but regional NSW recorded faster annual growth than Sydney for the last two months.
Victoria’s monthly dwelling value for October was 0.3 per cent, the largest monthly rise since April earlier this year. The quarter experienced a 0.3 per cent fall and the last year saw a rise of 4.4 per cent, the latter of which considerably slower compared to Melbourne’s 11 per cent value growth.
Dwelling values fell both for the month and the quarter at 0.2 per cent and 0.5 per cent, respectively, but were higher by 1.6 per cent for the year. Compared to Brisbane, regional Queensland areas are underperforming, especially those outside of the southeast corner.
Dwelling values were down in monthly, quarterly and yearly records, at 0.5 per cent, 2.1 per cent and 0.9 per cent, respectively. Unsurprisingly, regional South Australia is weaker when compared to Adelaide.
Like South Australia, regional Western Australia saw dwelling values fall for the month, quarter and year at a respective 0.4 per cent, 1.4 per cent and 3 per cent, indicating that regional Western Australia is falling slightly faster than Perth.
Regional Tasmania saw dwelling values rise by 0.3 per cent for the month, 0.4 per cent for the quarter and 5.4 per cent for the year. Even though yearly growth is slower when compared with Hobart, it is still faster from last year’s 1.7 per cent.
Dwelling values were up for the month, the quarter and the year, at 1.1 per cent, 0.7 per cent and 1.3 per cent, respectively, surpassing Darwin’s 5.7 per cent annual decline.