While the market may be softening, there are always pockets that do better than the average and pockets that do worse than the average. New research has found both of these areas for every state and territory.
In the latest CoreLogic Property Pulse report, Cameron Kusher, research analyst at CoreLogic, has identified which areas within states and territories have performed well over the last 12 months to April 2019 and which have not.
Looking at regions deemed SA2, which can be as small as a metropolitan suburb or as large as a regional area, Mr Kusher’s research found the following overperforming and underperforming areas:
The only areas that saw growth in Sydney in the face of a decline of 10.9 per cent were located in the Blue Mountains - North and Wentworth Falls, which grew by 1.1 per cent and 0.1 of a percentage point, respectively. Meanwhile, the Bass Hill - Georges Hall area recorded the largest decline at 19.4 per cent.
Melbourne’s overall decline of 10 per cent in dwelling values saw areas close to the city centre perform the best, with the Melbourne city area performing the best at 2.2 per cent. The Inner East was home to the largest declines, with Ashburton topping the lot at a decline of 18.8 per cent.
Facing just a mere dwelling decline of 1.9 per cent, the higher growth areas were found in the west of the city, close to Ipswich. The top spot was taken out by - Barellan Point, growing 6.7 per cent, while the largest loss was seen in at a decline of 19 per cent.
Adelaide was one of the few capital cities to see values increase with a rise of 0.3 of a percentage point. The Central and Hills and North regions of the city saw the best growth, with the Uraidla - Summertown area seeing the best growth in the state at 11.3 per cent, while Rostrevor - Magill saw the largest decline at 9.3 per cent.
Perth with its declining values are not known for their overall growth, falling 8.3 per cent over this year to April 2019; only one area saw value growth: Winthrop, falling 17.4 per cent.with a rise of 0.4 per cent. The largest decline was
The island state capital city was the second capital city to see value growth at 3.8 per cent, which was the largest rise. The majority of high-growth areas can be found in the North East, being Warrane at 9.7 per cent, while the largest decline was Sandy Bay, which fell only 1.7 per cent.-
With an overall decline of 7.1 per cent, dwelling values did not see much growth in the capital city. Only one area, Wagaman, saw growth at 0.5 per cent, while most of the declines were seen towards the city centre, with the largest decline in East Arm, which fell by 25.1 per cent.
Canberra was the last capital city to see growth, rising by 2.5 per cent. The higher-growth and largest-decline areas were both located in the northern area of the city, with Fraser the most successful with growth of 16.2 per cent, whilesaw the largest decline at 5.8 per cent.