Secret areas where Aussie home prices are booming
In a convergence of suburban areas and regional towns, we're seeing the latter experiencing performance moderations very similar to capital cities.
The value gap between the regions and the capital cities is continuing to narrow and, just like our nation's cities, the value momentum in our regions' hottest towns is slowing down as weaker ones increase in popularity.
The narrowing value gap has been pretty noticeable since at least September last year and has picked up since January. According to the latest research, July was the first time in nine months that our regional markets' quarterly growth rate (1.7 per cent) didn't outperform the capital cities (1.7 per cent).
But at the same time, regional centres still have plenty to offer buyers in performance growth, like rental increases, especially when it comes to annual uplifts.
MORE: Huge promise Hemsworths made about Byron Bay
REGIONS OUTSHINING CAPITAL CITIES
For a start, the latest figures show a 5.9 per cent value uplift in our combined regions over 12 months, compared to a 3 per cent increase in our capital cities.
It also shows that our 50 largest regional significant urban areas (SUAs) still outshine capital cities when it comes to performance growth. The value of the SUAs was 1.5 per cent in the April quarter and 1 per cent for the combined capital cities.
According to the report, buyers in regional Western Australia are still active with Geraldton's home values rising by 26.9 per cent over 12 months. Albany's annual rental growth also experienced a 13 per cent uplift.
In Rockhampton in Queensland, properties are selling after just 11 days and in a positive shift for Victoria's newly-emerging market, Shepparton and Mooroopna experienced a 30.3 per cent rise in yearly sales volumes.
MORE: Wild reason Aussie has 300 homes
This year's interest rate cuts have also altered recent performance growth in our regional centres. The capital cities' 1.1 per cent rise from the three months to January 31, compared to 0.5 per cent in our biggest regional areas, makes it more responsive to this year's February interest rate cut – our first in four years.
The trend of moving from more expensive capital cities to cheaper regional areas is still popular too.
The latest figures from the Regional Australia Institute's Regional Movers Index show average, quarterly city-to-country moves have stayed elevated at about 20.5 per cent per cent higher than in the pre-Covid era. Our city-to-country moves also outnumber country-to-city moves by 25 per cent.
MORE: Aus pub's $500m collapse, staff owed $7m
WHERE THE REGIONS ARE STRUGGLING
Even with this popularity, regional New South Wales includes some of our poorest regional performers. The Regional Market Update shows Bathurst property values only shifted by 0.3 per cent in the last quarter while Lismore's annual sales volume is down 18.7 per cent. Homes in Bowral and Mittagong are taking 77 days to sell.
But overall, the demand for regional properties remains positive with this data presenting new opportunities for regional buyers, especially investors. But values and growth in regional centres are shifting and changing towards a new property cycle that is already increasingly apparent in our cities and suburbs.
I'd expect the next Regional Market Update will highlight this shift even more than their most recent reports do. Rate cuts will likely mean further shifts in our regional values and performances.
We are also on the verge of another busy Spring period so it will be interesting to see what the next few months will bring to both regional and capital city property markets.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Herald Sun
19 minutes ago
- Herald Sun
Albury Local Court list, Friday, August 22
Don't miss out on the headlines from Hyperlocal. Followed categories will be added to My News. These matters will be heard in Albury Local Court today: Today's court listings are published as part of News Corporation's commitment to public interest journalism and are compiled from information made publicly available by the courts in each State and territory. The list is a public record of entities appearing before the relevant court and there is no suggestion whatsoever of any wrongdoing by anyone named in these lists. R v Krishna Sharma R v Rodney Barrett R v Kamren Westcott R v Brendan John Lee The previous court list article for Albury Local Court can be viewed here. Corporate watchdog ASIC also takes action against the individuals behind failed companies. Here is a look at some of the exposed blacklist: 1000 banned or disqualified Aussie directors, advisers named Hyperlocal Here is a list of matters listed at Wodonga Magistrates' Court on Friday. Hyperlocal Here is a list of matters listed at Wangaratta Magistrates' Court on Friday.
Sky News AU
2 hours ago
- Sky News AU
Aussie radio hosts Amanda Keller and Brendan 'Jonesy' Jones stunned by how many Gen Z employees have brought a parent to a job interview
Radio stars Amanda Keller and Brendan 'Jonesy' Jones couldn't believe their ears after uncovering a report revealing just how dependent Gen Z workers are on their parents. On Thursday, the WSFM breakfast hosts discussed a study by US-based ResumeTemplates that laid bare some eye-opening statistics about the younger workforce. Both parents themselves, the pair were gobsmacked to learn that nearly half of Gen Z workers admit their mothers "regularly talk to their boss." "Nearly half of Gen Zers have mum regularly talk to their boss. They're in their mid 20s," Keller said. Keller, who has two Gen Z sons, Liam and Jack, was even more stunned to discover: "77 per cent – this I find extraordinary – have taken a parent to a job interview." Jonesy winced at the figures. "As a boss, you go, 'Come on'," Keller added. The survey also found 53 per cent of parents had spoken directly with a hiring manager on their child's behalf, and 45 per cent regularly chat with their child's current manager. "These are people in their mid 20s!" Keller exclaimed. The statistics didn't stop there. Keller noted that 83 per cent of Gen Zers "have their parents pack their lunch for them", 50 per cent had parents step in over workplace conflicts, and nearly half relied on a parent to ask for time off. "This is an interesting one – 49 per cent say a parent helped them ask for time off," Keller said. "Because the parent would say, 'Look, we're going on holiday, I'll talk to your boss about it'. "This is where, as a parent, you're desperate to step in, because this benefits you. You get your family holiday." Keller went on to point out that 46 per cent of parents were even stepping in to ask for a raise or promotion. "These aren't kids who are 16. These are kids who are older than that. I find that quite extraordinary," she said. Listeners were quick to react to the shocking revelations. One hiring manager chimed in on social media: "Yes we see this all the time! They have very little confidence… simple rule here if mummsy has to help you… we don't need you!" Another wrote on Instagram: "This is extraordinary… I would think turning up to an interview with a parent in tow is a sure-fire way not to get a job. Screams lack of confidence and probably ability from the get-go. Although I'd love to hear from a parent who has accompanied a mid-20 adult to an interview to find out WHY!!" Some listeners suggested the COVID-19 pandemic might have played a role in stunting workplace confidence. "Those are indeed pretty extraordinary statistics however I'm going to add that thanks to COVID, many of these young people were robbed of 2–4 years of their real-life work experience trajectory, so looking at it that way some of them are still teenagers!" one said. "But if you don't vibe with that view, I'll add that this generation was helicopter parented, and are generally avoidant of answering a ringing phone. Some are having their resumes scanned and shortlisted, and having interviews by AI bots!! "If that were your face-to-face experience level, wouldn't you be terrified of an actual person?! All this to say, in comparison their parents possess worldly superpowers."
Herald Sun
4 hours ago
- Herald Sun
Gas exports from the east coast could be brought under a new licence scheme
Gas exports from the east coast could be brought under a new licence scheme to protect supplies for Aussie users, under a plan backed by industry groups and manufacturers. But the looming overhaul is dividing the states, with Queensland blaming the southern states for looming gas shortfalls. The Albanese government recently opened a gas market review, and flagged it would consider existing domestic gas reservations such as the one operating in Western Australia, ahead of a supply crunch expected to begin from 2028. Energy sector insiders expect a new reservation policy to be introduced this decade, with one likely option the creation of an export licence system. They say this could include forcing gas giants to provide a percentage of production for domestic use, which would bolster energy security for critical bush industries such as food processing, dairy, and supply chain sectors. The Albanese government recently opened a gas market review. Picture: Stuart McEvoy Focusing on exports would avoid constitutional issues that arise if there was a move to restrict production for domestic use, and having to get bickering states to agree on a uniform position. In Australia, the Commonwealth is in charge of trade and exports, but states preside over production and transmission within their borders. The Australian Industry Group and Energy Users Association of Australia say an export licence scheme would boost transparency and ensure things are still made in Australia. 'Unfortunately we have lost our comparative advantage of low cost energy, and the goal should be to recover that comparative advantage,' EUAA chief executive Andrew Richards said. 'Gas supports industries that are critical to everyday life – food, agriculture, manufacturing. We cannot let them slip away because of high energy costs.' Experts are split about the effect of a domestic reservation, a form of which operates in Western Australia and has been called for by Victoria. The AI Group's energy and climate change director, Tennant Reed, said WA's scheme had provided local benefits and a licence scheme would allow for similar results 'without the constitutional complications of a direct copy-and-paste'. Queensland is blaming the southern states for looming gas shortfalls. Picture: Thinkstock The Australian Energy Market Operator has forecast gas shortfalls on the east coast from 2028 due to a combination of factors such as declining production in the Bass Strait, and warns of annual supply gaps from 2029. Some gas producers or industry groups have seen the writing on the wall and backed a reservation, despite criticising former opposition leader Peter Dutton's proposal for a gas security charge on exports that would have acted like a reverse tariff to protect local supplies. Australia's emissions reductions targets that will phase out the use of fossil fuels such as gas long-term, but Energy Minister Chris Bowen said the transition away from coal will require gas, hydro and batteries to firm renewables, and that 'gas remains important for many hard to abate heavy industries, like cement, aluminium and steel'. South Australian Energy Minister Tom Koutsantonis has also sparred with Victorian Energy Minister Lily D'Ambrosio over gas policy. Picture: Nadir Kinani Victoria, where more than two thirds of households are connected to gas for heating, backs a domestic reservation, but has also pushed for households to ditch gas under net zero plans. A spokesperson for the Allan government said it would 'continue to advocate for Australian gas for Australians first'. But Queensland accused Victoria of failing to do enough to find new supplies, and Treasurer and Energy Minister David Janetzki blamed the 'southern states' for looming supply constraints. 'Queensland has consistently delivered reliable energy for consumers and supported the development of its gas industry, even as policy failures in southern states have constrained supply,' Mr Janetzki said. South Australia Energy Minister Tom Koutsantonis has also sparred with Victorian Energy Minister Lily D'Ambrosio over gas policy. He said the need for gas as an important firming mechanism for renewables 'will remain the case for the foreseeable future'. 'The best and fastest way to get more gas is more acreage, fewer bans, and encouraging industry investment,' Mr Koutsantonis said.
