Powered by MOMENTUM MEDIA

Coastal communities post impressive capital gains

By Staff Reporter 22 May 2015 | 1 minute read

House prices in key regional centres are growing at rates that may make capital city vendors envious.

Coastline

Median house prices in the Illawarra region of NSW jumped 9.3 per cent during the year to March, with vendor discounting at 3.6 per cent, according to CoreLogic RP Data.

House prices in the Newcastle and Lake Macquarie region increased 7.4 per cent, with vendor discounting running at 5.1 per cent.

SunshineSunshine, NSW Sunshine, VIC Coast house prices rose 6.3 per cent, while discounting was at 5.9 per cent.

Cairns reported median house price growth of 5.1 per cent and a discounting rate of 7.0 per cent.

Advertisement
Advertisement

Gold Coast reported house price growth of 4.8 per cent and a discounting rate of 6.1 per cent.

In the RichmondRichmond, SA Richmond, VIC Richmond, NSW Richmond, TAS Richmond, NSW-Tweed region in northern NSW, house prices climbed 3.6 per cent, while discounting ran at 6.4 per cent.

Geelong house prices rose 3.5 per cent, while discounting was at 5.6 per cent.

La Trobe-Gippsland in Victoria reported house price growth of 2.3 per cent and a vendor discounting rate of 7.2 per cent.

Bunbury in Western Australia experienced house price growth of 1.2 per cent and a discounting rate of 6.1 per cent.

The coastal Queensland region of Wide Bay experienced house price growth of 0.2 per cent, while discounting reached 8.4 per cent.

Further north, in Townsville, house prices fell 2.4 per cent, while discounting ran at 8.4 per cent.

CoreLogic RP Data senior researcher Cameron Kusher said that while low interest rates have made consumers more confident, not all regional centres are enjoying the benefits.

Areas closely linked to the resources sector are still experiencing deteriorating property conditions, according to Mr Kusher.

“We’re starting to see greater home value growth across many coastal lifestyle markets.

“With mortgage rates tipped to remain low the attractiveness of housing, particularly in some of the larger coastal regional markets, is likely to continue to show further growth over 2015.”



Coastal communities post impressive capital gains
Coastline
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.