New sales data shows that regional areas are outpacing capital cities in clearing properties for sale, against a backdrop of a softening markets.
The data, detailed in CoreLogic’s latest Property Pulse, show overall property sales are on the decline down to 4.6 per cent over the last 12 months to July 2018.
The Property Pulse noted however the decline is “hardly a surprise” due to the overall market softening.
Out of the top five council regions in each state and territory (with Canberra omitted), regional areas recorded higher property turnover in comparison to their respective capital city six out of seven times.
The breakdown for each state and territory’s turnover rates are:
In NSW, each of the top five positions for turnover were located outside of the capital city, with Tumbarumba’s turnover of 8.5 per cent ranking in first place, followed by Dungog with 7.9 per cent, then both the Upper Lachlan Shire and Palerang tying at 7.7 per cent, and then Singleton in fifth with a turnover of 7.5 per cent.
At a broader look, Sydney only saw turnover of 4.1 per cent, compared to the regional 5.6 per cent turnover rate.
The top two council regions in the state were both located in the Melbourne area, with ranking first with a turnover rate of 6.3 per cent, followed closely by Cardinia in second with a turnover of 6.2 per cent. Next were the regional council areas, with Latrobe and Baw Baw in third and fourth respectively both recording 6 per cent turnover, and then Bass Coast in fifth with a turnover of 5.9 per cent.
Like NSW, Queensland’s top five council regions for turnover were all located outside of the capital city.
The top council region was Noosa with a turnover of 7.4 per cent, followed by the Gold Coast at 7.2 per cent, the Gympie and tied at 6.3 per cent.Coast at 6.9 per cent and then both
Brisbane was one of three capital cities that defied trends and saw higher turnover than the rest of its state, with the capital city turnover being 5.6 per cent compared to the rest of Queensland’s 5.5 per cent.
Trending in the reverse to Victoria, the top three council areas for turnover were located in regional WA, while places fourth and fifth were located in Port Hedland with a turnover of 5.4 per cent, then in second was Karratha with 4.8 per cent, East Pilbara with 4.3 per cent, then the Perth council regions of Mandurah with a turnover of 4.1 per cent, and then with a turnover of 4 per cent.. Ranking first was
Perth’s turnover was recorded at 3.6 per cent – barely above the rest of WA, which saw turnover of 3.3 per cent.
The majority of South Australia’s top council regions for turnover were located outside of the capital city, with the regional areas account for Robe in first place with a turnover of 7.4 per cent, Mount Gambier in second with a turnover of 6.7 per cent, Victor Harbor in third with a turnover of 6.6 per cent and Alexandrina in fifth with a turnover of 6.2 per cent.
Adelaide on the list with its turnover of 6.3 per cent.was the only council region located in
Like Queensland and Perth, Adelaide outperformed its regional counterpart, recording turnover rates of 5.6 per cent and 4.8 per cent respectively.
There were more regional council areas than capital city areas on this list for Tasmania’s top turnover. For regionals, Latrobe was in first place with a turnover rate of 7.4 per cent, then West Coast in second and Break O’Day in fifth, both with 7.3 per cent. The Hobart council regions were Sorell in third and in fourth, both again with 7.3 per cent.
Hobart turnover was recorded at 5.5 per cent, while the rest of Tasmania had a turnover rate of 6.1 per cent.
Melbourne’s turnover was recorded at 4 per cent, while regional Victoria came in at 5 per cent.
Most of NT council areas for highest turnover were located in the greater Darwin area, with Darwin city coming at fifth with a turnover of 3.3 per cent, Litchfield in fourth with a turnover of 3.7 per cent and Palmerston in third with a turnover of 3.9 per cent. Katherine and Alice Springs, second and first for turnover, are located outside of the capital city and saw turnovers of 4 per cent and 4.9 per cent respectively.
The NT’s regional areas saw turnover of 4.5 per cent, while the Darwin region saw 3.5 per cent turnover.