Forget Sydney and Melbourne — for buyers who want to take advantage of price gains, some of the larger regions outside capital cities have been bucking the housing downtrend.
According to a recent report by CoreLogic, Victoria's Geelong region recorded Australia's largest annual increase in median values for both houses and units, growing by 16.6% and 11.9%, respectively. Geelong also recorded a shorter days-on-the-market measure, with a typical home in the region selling 12 days faster than it would have last year.
Another Victorian region, the Latrobe-Gippsland, also posted positive growth for both dwelling types, 6.9% for houses and 6.4% for units.
Regional housing markets in New South Wales also witnessed growth in home values over the year, with the largest increase for houses seen in the Newcastle & Lake Macquarie region, where the median house value jumped by 9%. The biggest improvement for units was seen in the Richmond-Tweed region, where values jumped by 9.3%.
In Queensland, only Townsville recorded declines for both houses (1.3%) and units (3.9%). Sunshine Coast clocked the biggest increase in both dwelling types, followed by the Gold Coast. While Cairns and Wide Bay reported an upswing in housing values, their unit prices dipped slightly by 0.7% and 0.6%, respectively.
Meanwhile, Western Australia's Bunbury region remained lacklustre, with house and unit values falling by 4.6% and 4.9%, respectively.