When it comes to the Australian property market, there’s no shortage of doom and gloom.
But if you’re living in one of these regions, 2018 hasn’t been bad for property.
Across Australia, 42 separate state regions saw housing values grow in the last year, with half of these regions seeing prices grow faster than their five-year average, the latest figures from property research group, CoreLogic reveal.
This suggests “some acceleration in market conditions”, analyst Tim Lawless said.
“Regional areas of the country are much more likely to be showing positive growth conditions, with 57 per cent of all regional areas recording a rise in dwelling values over the past twelve months,” he said.
This is compared to only 39 per cent of regions outside capital cities recording a rise in values.
Regional areas have seen “relatively sedate” market conditions over the past decade compared to Sydney and Melbourne’s remarkable gains, which is why they haven’t suffered the same 2018 losses felt in capital cities, said Lawless.
“The more sustainable history of price growth has kept a lid on housing affordability and made these markets attractive to migrants, particularly those areas where economic conditions are buoyant,” Lawless said.
“A ripple of demand has been emanating from the largest capitals towards the satellite cities where housing is generally more affordable and lifestyle factors can be appealing,” he added.
These regions have also benefited from investor interest, especially those located on the coastline.
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These 42 regions have shown positive growth in the 12 months to September 2018:
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