According to the latest CoreLogic report, the regional suburbs of New South Wales have emerged as the top performing regional markets in terms of price gains.
Richmond-Tweed took the top spot for homes after posting a 12.6% growth in median in January. Homes in this area have a median value of $ 696,394.
During the period, Richmond-Tweed recorded a 14.2% growth in home sales. Homes have also sold faster in the suburbs, with days to market reduced to 46 days from 64 days a year ago.
In terms of units, Southern Highlands and Shoalhaven performed best. Units in the suburb have a median price of $ 484,642, an annual increase of 17.9%.
Unit sales in the suburbs increased 34.6% while sales days fell from 87 days to 60 days.
Tim Lawless, executive director of research at CoreLogic, said the level at which prices in regional markets were rising was four times that of capital cities.
"The demand for regional housing can be attributed to a range of factors. In general, prices are cheaper than in capitals, housing densities are generally lower, which is likely to be attractive. in the midst of a global pandemic, and many workers have a new appreciation and ability to work remotely which supports additional demand, ”he said.
Lawless said there seems to be some momentum behind this trend, although he's not sure how long it will last. However, he said the popularity of regional markets will likely persist over the next few months.
"Many workers and employers have found the work-from-home experience to be a success, with productivity remaining high while workers have had additional flexibility in their work-life balance . Areas that offer the best of both worlds; an ability to travel to the capital metropolitan areas, while still living in the region, may have more long-term success, "he said.
Top suburbs:
artarmon
,
Westmead
,
Narara
,
spearwood
,
werribee
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in real estate, it is important to ensure that you not only have the lowest available rate possible, but also have the right loan features for your needs. needs.
You only need to fill in a few details below and we will then arrange for a local mortgage broker to contact you and determine the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
