Geelong posted the highest regional results across the country as regional markets in Queensland and Western Australia recorded bleak figures in general, according to a recent report of CoreLogic.
Dwellings sales were down in four of the five Queensland regions over the year to November, with the Wide Bay region the only location to log a rise in home sales (2%).
Queensland’s rental rates, meanwhile, tracked upwards over the year to December with the exception of the Wide Bay region, where rental rates remain in line with one year ago for both houses and units. The largest increase in rental rates for houses occurred in the Gold Coast at 5.7%. In terms of units, the largest increases (3.7%) were observed in both the Gold Coast and Townsville.
The report also showed gloomy results in Western Australia’s Bunbury region. House values fell by 5.4% and unit values dropped by 4.3% over the year to December. Sales volumes across the region also continue to fall. — down 7% over the 12 months to November, with current activity 13% below the five-year average.
Rental rates in the Bunbury region likewise fell — down 2.4% for units compared to December 2017. Advertised rates for houses, meanwhile, were unchanged over the same period.
Victoria bucked the downward trend with home prices in its regional markets rising. While the Geelong region’s sales activity fell 13% over the year to November and the sales in Latrobe-Gippsland region were unchanged, the regions’ home values increased over the 12 months to December.
Geelong’s median values rose by 9.1% and 7.6% for houses and units, respectively. Latrobe-Gippsland region, on the other hand, recorded an 8.6% growth in median house value and a 4% increase in unit values.
Over the 12 months to December 2018, the advertised rental rates in Geelong increased by $20 per week for houses and $10 per week for units, while the Latrobe-Gippsland region saw advertised rents rise $10 per week for houses and $7 per week for units.