Australia Experiences Record High Regional Housing Prices and Rents
Home values across regional Australia climbed 2.1 percent in the three months to April 2024, marking the highest quarterly increase in nearly two years.
Australia is facing a housing crisis with rents and housing prices in regional areas hitting record highs in the past quarter, according to real estate data firm CoreLogic.
CoreLogic economist Kaytlin Ezzy stated, “After falling 5.8% between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high.”
Among the 50 non-capital city areas studied, 19 markets reported record-high growth, with the top three performing regions in Western Australia: Geraldton (up 8.8 percent), Busselton (up 7.7 percent), and Bunbury (up 6.4 percent).
On average, rents in regional Australia soared by 6.3 percent in the past year, while there was a slight drop in rental growth in capital cities. Out of 50 regional markets, 47 experienced an increase in rental prices, with Batemans Bay in NSW having the most significant quarterly rise at 6 percent.
Queensland Premier Steven Miles recently backed the proposal to cut migration intake by 25 percent over the next two years to alleviate pressure on housing demand. The Queensland government highlighted the strain on the housing system due to high migration levels, emphasizing the need for moderation to assist with population growth.
