Dwelling values in regional centres across Australia continue to rise, according to the latest CoreLogic home value index results. Average regional property values nudged 0.2% higher during May to reach a new record high.
Across the regional markets, Geelong retains its position as the best performing area outside of the capital cities with dwelling values up 10.2% over the past twelve months.
The top ten regional markets include a mix of satellite cities such as Geelong, Ballarat and Newcastle, and lifestyle markets such as the Sunshine Coast, Southern Highlands, Shoalhaven and Coffs Harbour.
Regional housing trends are also now seeing less drag from the mining regions. Although the weakest performing areas are generally still linked to the mining and resources industry, the declining trend has eased or even levelled across many of these markets.
“The combined regional markets have helped to offset a broader decline, with dwelling values consistently rising, albeit at a much lower pace relative to the growth seen in Sydney and Melbourne over the previous growth phase,” said CoreLogic head of research.
On the capital city front, Hobart leads the way with annual growth of 12.7%, while CoreLogic suggests that conditions are improving in Perth and Darwin.
Nationally, dwelling rents were 0.1% higher in May, and 1.9% higher over the past twelve months. Across the combined capital cities, gross rental yields have consistently improved over the first five months of the year, which will be music to the ears of investors across Australia.