Regional markets show strong signs of life
While capital cities tend to take the limelight when it comes to property market analysis and commentary, many regional markets are performing well.
According to Ray White Real Estate’s sales reports, regional property sales are currently helping to keep the national real estate market strong.
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An abundance of regional sales in August pushed the group’s sales up to be better than anticipated, while in Melbourne and Sydney, sales activity was subdued.
“It has become customary to describe the Australian provincial areas as lacklustre but areas such as Rockhampton and Toowoomba in Queensland, the Central Coast of New South Wales, the northern communities of Western Australia and a number of others including the Northern Territory are performing nicely,” Ray White joint chairman Brian White said today.
Ray White’s figures add weight to comments from RP Data last month that regional markets gathered encouraging momentum in the April quarter this year.
Although an improvement in activity in many regional markets has come from a very low base, sales volumes were indeed strongest in regional Australia in the three months to April, RP Data’s analysis found.
According to the data provider, 25 of the top performing 35 markets in Australia were outside capital cities.
The news that many regional markets are in healthy condition bodes well for first time buyers, considering that regional markets usually offer a more affordable entry price.
For regional first timers looking for a home to live in, buying in a regional market might be a given. But considering the lower price points in regional markets, their metropolitan counterparts might want to consider investing in a regional market as a starting point.
Of course, every market performs differently and some regional markets remain very flat, or unstable. First home buyers must be sure to study markets carefully before making any purchasing decisions.
For a complete list of property price growth and performance, check out the 17 pages of comprehensive market data included in every issue of Smart Property Investment.
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