Regional Markets proven to be strong
We know we have said this in the past, and yet it continues to be true. The most recent news confirms our research and shows that regional house prices are outpacing capital cities.
And in fact, the doom and gloom predicted in house prices by the media some months ago has not come to fruition, and house prices have stayed steady or grown all over Australia.
Terry Ryder from Hotspotting, and the Property Observer, as well as The Urban Developer have released articles last week stating that even in (or despite of) the current pandemic, house values in regional areas are growing.
Regional property markets Australia-wide recorded an average 3.4% growth in the 12 months up to June 2020, which is almost three times the growth in the same period for capital city markets. NSW regional markets actually grew 5.3%!
With regional markets experiencing much fewer COVID-19 cases (some with zero cases), and because their local economy is less reliant on overseas tourism, and more robust in industries such as agriculture, construction, mining, etc which are less affected by the economic downturn during this pandemic, regional economies are still going strong. And in NSW at the moment when we can't travel to QLD or VIC tourism in NSW regional areas is booming!
It's not all about capital growth though. Regional markets have also increased with regards to the rental market too, with vacancy rates dropping, and more tenants looking for quality homes in regional areas.
All in all, good news for property investors who want to get a foot on the lower rungs of the property ladder and watch it climb.
Get in touch with us if you would like our source articles.
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