Regional Dwelling Values Remain Flat in October

The CoreLogic home value capital city market index showed that dwelling values across the combined regional housing markets remained relatively unchanged.

While the research showed that dwelling values were flat in October, they fell by -0.1 per cent over the quarter and were 4.9 per cent higher over the past 12 months.

The quarterly decline in values was the largest fall since the three months to October 2014 while the 4.9 per cent annual change was the lowest annual change since February 2017.

According to CoreLogic research analyst Cameron Kusher the data indicates that the rate of dwelling value growth is slowing, but there were some differences occurring across the regional markets of the states and territories.

Regional NSW
Dwelling values increased by 0.2 per cent in October 2017 to be 0.7 per cent higher over the three months to October 2017 and 9.7 per cent higher over the past year.

Monthly, quarterly and annual growth rates are slowing however, regional NSW has recorded faster annual growth than Sydney over the past two months.
Regional VIC
The 0.3 per cent increase in values in October was the greatest monthly increase since April of this year. Over the past three months, values are -0.3 per cent lower while over the past year they have increased by 4.4 per cent.

At 4.4 per cent annual growth, the regional areas of Victoria are growing at a much slower pace than Melbourne where values are 11.0 per cent higher over the year.
Regional QLD
Dwelling values were -0.2 per cent lower over the month however, they fell by -0.5 per cent over the quarter and were 1.6 per cent higher over the past year.

Regional Queensland dwelling value growth has continued to underperform the quite moderate growth in Brisbane as regions outside of the south-east corner continue to drag on the performance.

Regional SA
Dwelling values fell by -0.5 per cent over the month, were -2.1 per cent lower over the quarter and -0.9 per cent lower over the past year.

While dwelling values are increasing at a moderate pace in Adelaide, outside of the capital city housing demand is much weaker leading to value falls.
Regional WA
While Perth values have not fallen for two months, in regional WA dwelling values fell -0.4 per cent in October, they were -1.4 per cent lower over the quarter and -3.0 per cent lower over the year.

This indicates that regional WA values have fallen at a slightly faster pace than Perth values over the past year.
Regional TAS
Values were 0.3 per cent higher in October 2017, -0.4 per cent lower over the three months to October and 5.4 per cent higher over the year.

Although annual value growth was much slower than in Hobart, it has accelerated from an increase of 1.7 per cent a year ago.

Regional NT
Values rose by 1.1 per cent over the month to be 0.7 per cent higher over the past three months and 1.3 per cent higher over the year.

Although growth is still minimal, it is significantly greater than the -5.7 per cent fall in Darwin values over the year.

“Growth in regional dwelling values generally continues to lag capital cities however, in most states the growth in values of regional property markets are generally stronger than they have been over recent years," Mr Kusher said.