Victoria and Tasmania dominated the list of regions with the highest growth in value, while New South Wales recorded the largest declines in value over the past year.
Investors in regions with the largest increase in value have the most to gain. In addition, investments are expected from investments in regions where value is decreasing.
According to CoreLogic's recent Property Pulse, in the 12 months to November, only 15 regions in Statistical Area 3 (SA3) showed double-digit value growth, with 10 out of 15 in Tasmania. Victoria represented three of the 15, and New South Wales and Queensland each had one.
Only 48 SA3 regions have experienced a growth in value of at least 5% over the past year, implying that only 14.3% of SA3 regions have generated an increase of 5 % or more of the value of their dwelling during this period.
The southeastern coast of Tasmania has been designated as the region with the highest growth in value over the past year. In the region, the value of dwellings increased by 16.3%. In addition, it was the only SA3 region in the country whose values ​​had increased by more than 15% in the previous year.
Research also revealed that the main areas of growth in value were mainly regional areas and not capital cities. This result can be explained by the fact that the conditions of value growth that are cooling across the country have been the most detrimental to the capital markets.
In addition, the two-digit value of 23 SA3 regions recorded at the national level is decreasing, which is greater than the number of regions where the value increases to two digits.
Data showed that 55.7% of all SA3 regions had declines in value, with New South Wales leading the downtrend. Twenty-eight places in the 50 worst-affected regions were in Sydney, while Victoria, Queensland, Western Australia and the Northern Territory were also on the list.
The Outback-South Queensland region recorded the largest decline in its values, down 15.6%. It is also the only region whose values ​​have fallen by more than 15% in the past year. The Outback-South region is home to the major cities of Longreach, Charleville and Cunnamulla.
CoreLogic stated that although the sharp declines, particularly in the Sydney market, were likely to stop at the same pace, the real estate market would still experience declines in 2019.
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