Fresh figures from Domain have revealed more Australian property buyers are looking towards regional areas, which have seen strong annual house price growth of up to 19 per cent.
According to the latest Domain Regional House Price Report, there have been some “major” market movements in regional areas in the March quarter and across the calendar year, with some coastal regions posting “significant” growth.
Median house prices in Wollongong in particular increased 3.9 per cent over the March quarter, reaching $722,000, which comes after strong annual growth of 19.3 per cent.
Commenting on the result, Domain chief economist Andrew Wilson said: “Very strong price growth and a steady momentum of housing market activity continues to solidify Wollongong as one of NSW’s most popular coastal regions. Wollongong has again produced the strongest result of all major regional markets across Australia.”
Similarly, Richmond Valley prices increased by 16.4 per cent over the March quarter, reaching $319,000. Annually, median house prices rose by 5.5 per cent.
“Richmond Valley recorded a sharp rise in median house prices over the quarter, coupled with robust annual growth, thanks to a number of new developments and focus on residential growth in the area,” Mr Wilson remarked.
Meanwhile, the median house price in Tweed reached $565,000 over the March quarter, up 6.6 per cent over the period and 13.2 per cent over the year-to-date.
“Northern NSW regions are consistently recording booming results, and Tweed is no exception. The region’s remarkable annual growth is a sign that market activity will continue to track upwards,” Mr Wilson said.
Greater Bendigo’s median house price also grew by 6.8 per cent over the quarter, reaching $350,000.
Albury’s house prices reached $347,000, which follows significant annual price growth of 11.9 per cent.
The median house price in Clarence Valley saw a sharp annual increase of 15.8 per cent.
Finally, Newcastle’s prices rose by 5.8 per cent over the March quarter, reaching $570,000, and the region experienced annual growth of 16.3 per cent.