House prices from Ballina to Kingscliff are leading the regional residential market growth, performing twice as well as capital cities.
Houses in the region, which includes Byron Bay, Suffolk Park and Lennox Heads as well as hinterland villages such a Bangalow, have increased 21.9 per cent and apartments are up 15.5 per cent.
The median house value in the Byron Shire is now $1.4 million—that's higher than Greater Sydney at $1.147 million
Nationally, regional growth jumped 13 per cent, outpacing metropolitan areas, which were up 6.4 per cent in the past year, according to Corelogic’s latest report.
The highest sales volume was in Bunbury, WA which increased 51.4 per cent, while Ballarat, Victoria was the hottest market with homes selling in just 24 days.
Surprisingly, worst performers also included Bunbury, WA where house prices recorded the lowest yearly growth at 3 per cent.
Sales volumes were down in Launceston and the north-east of Tasmania, and homes in New England and north-western NSW were on the market for an average of 84 days.
In Queensland, the Gold Coast and Sunshine Coast were leading price growth with houses up 16.6 and 17.5 per cent while apartments increased 11.9 and 13.7 per cent respectively.
CoreLogic’s research director Tim Lawless said the faster pace of regional growth reflected stronger demand flowing into the regional areas of Australia during the pandemic.
“Looking forward, regional housing markets remain well placed to record higher than average levels of demand,” Lawless said.
“This is especially true of those markets that are close enough to capital cities to provide a commuting option, and those lifestyle markets that are popular with sea and tree changers.”
Lawless attributed the growth to flexible working arrangements and the demand for lifestyle-orientated properties and holiday homes.
“While surging values are probably good news for homeowners in these regions, for those that don’t own a home, affordability is being stretched,” Lawless said.
“That is particularly true for long-time locals whose incomes are unlikely to be rising at anywhere near the pace of house price appreciation. They may be forced to seek out housing options further afield.”