According to the latest report from PRD Real Estate, regional housing markets in Australia performed well in the first half of the year despite the risks associated with the COVID-19 outbreak.
Regional housing markets, on average, saw a 3.4% growth in median prices in the first six months of 2020, with Tasmania leading the gains at 9.8%. Of all the states, only Western Australia saw a decline, with median prices falling 0.5%.
"In the face of COVID-19, regional markets were slightly more isolated from economic shocks as they depended less on international trade and a more affordable housing market," the report says.
The table below shows the development of regional prices in each state:
As the capital markets experienced the "most tumultuous" run amid the COVID-19 outbreak, they managed to report a small gain in average median prices of 1%. However, that is paltry compared to the 6.7% gain they recorded over the same period last year.
Sydney and Melbourne reported the largest increases with 10.8% and 14.3% respectively. South Australia, on the other hand, posted the largest decline at 15.4%. Median prices also fell in Western Australia and the Northern Territory.
Metropolitan markets outperformed capitals in terms of price growth. On average, the median value of these markets increased by 2.7%. Tasmania and New South Wales were the best performers.
"This is not surprising, given that metro markets are more affordable than capital city markets and are experiencing rapid growth in terms of infrastructure and commercial projects," the report says.
Top suburbs:
Wentworthville
,
mt gravatt
,
Scarborough
,
woolloongabba
,
Eagle vale
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