South East SA Best Performing Regional Property Market

Richmond-Tweed + Illawarra Weakest Performing Regional Market

The south-east region of South Australia, which includes Kangaroo Island, Fleurieu Peninsula and Limestone Coast, was the best-performing regional house market over the 12 months to January 2023, according to Corelogic’s latest Regional Market Performance Report.

Above: Corelogic found 13 of Australia’s largest non-capital city regions recorded an increase in house values over the year

The report, which analyses the performance of 25 of Australia’s largest non-capital city regions across both house and unit markets, found 13 recorded an increase in house values over the year, down from 21 in the year to October.

Above: The New South Wales region of New England, including Armidale, was among the best-performing regions

Top Performers

With annual value growth of 15.7 per cent, SA’s south-east region topped the list, despite annual dwelling sales falling 6.9 per cent in the 12 months to November 2022 (but 15.3 per cent above the five-year average for the region).

Above: South East SA topped the list with annual value growth of 15.7 per cent in the 12 months to January 2023

Following hot on its heels were the New South Wales regions of New England and North West and Riverina, up 11.5 per cent and 10.1 per cent respectively. In the year to November 2022, New England and North West dwelling sales were 13.8 per cent lower than one year ago, but 20.2 per cent above the region’s five-year average.

Above: Despite the price growth, New England dwelling sales were 13.8 per cent lower than a year ago in the 12 months to November 2022

The Riverina region, meanwhile, saw dwelling sales drop 19.6 per cent year-on-year to be 2.9 per cent below the five-year average for the region. Time on market increased to 36 days, from 34 days previously.

Above: The Richmond-Tweed region, encompassing Byron Bay and surrounding areas, had the lowest yearly growth rate at -18.6 per cent

Poorest Performers

Conversely, the lowest yearly growth rate was recorded across the Richmond-Tweed (-18.6 per cent) and Illawarra (-12.6 per cent) regions, after a 51 per cent and 44 per cent surge in values respectively through the recent growth cycle.

Above: The Richmond-Tweed region also the largest drop in the volume of sales, longest time on market and highest vendor discounts

Corelogic says the Richmond-Tweed region was undeniably the weakest-performing regional market for houses. Not only did it record the lowest yearly growth rate of all 25 regions, but also the largest drop in the volume of sales (-36.1 per cent), longest time on market (71 days) and highest vendor discounts (-8.3 per cent).

Above: Annual house sales across Townsville in Queensland's north were up 8.3 per cent in the period, the highest growth of any region

Best Sales Volumes

The two regions with the largest increase in sales volume over the 12 months to November were both located in Queensland. Annual house sales across Townsville were up 8.3 per cent in the period (and prices +2 per cent), while sales activity across Central Queensland rose by 3.4 per cent (and prices +5.5 per cent).

Above: Townsville also posted a 2 per cent increase in annual house values in the 12-month period, though units were down -2.7 per cent

All other regions recorded a decline in sales activity with four regions recording falls in excess of 30 per cent. Richmond-Tweed saw house sales drop 36.1 per cent over the 12 months to November.

Above: Southern Highlands and Shoalhaven in NSW experienced a signfifiant fall in sales volumes in the period, down -35.9 per cent

The Southern Highlands and Shoalhaven in NSW (-35.9 per cent), Mid North Coast NSW (-30.7 per cent) and Latrobe-Gippsland in Victoria (-30.3 per cent) all experienced signficant falls in sales volumes.

Above: Queensland’s Toowoomba region recorded the second-fastest sales time, with a median time on market of 28 days

Quickest Sales Times

Houses sold fastest in Bunbury (WA) where the median time on market over the three months to January was 24 days. Queensland’s Toowoomba region recorded the second-fastest sales time, with a median time on market of 28 days.

Above: With continued price growth, vendors in the Hume region of Victoria are offering the smallest discounts to secure a sale

The slowest-selling region was the Richmond-Tweed region, where the median time on market for houses was 71 days over the three months to January 2023.

Vendors in the Hume region of Victoria are offering the smallest discounts to secure a sale with a median discount rate of -2.8 per cent over the three months to January, while the largest discounts are being offered across the Richmond-Tweed region (-8.3 per cent).