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Tweed property boom By Jonathon Howard THE TWEED Shire is among Australia’s 25 largest non-capital city regions to achieve record increases in house values in the past 12 months, according to CoreLogic’s latest Regional Market Update released on Monday, November 29. The report shows of the 25 regions analysed, 24 recorded double-digit annual growth for house values, while more than 50 per cent of the regions recorded an annual rise of more than 20 per cent. Incredibly, seven regions recorded a lift in house values of more than 30 per cent, including the Tweed Shire, for the year ending October 31, 2021. CoreLogic’s research director Tim Lawless said localised factors influenced each region,
but common key drivers included a shift away from capitals to regional areas, low interest rates and access to credit, higher household savings and relatively affordable housing values compared to capital cities. “There has been a broad demographic shift where more Australians are prepared to consider housing options outside of the capital cities, which has seen net internal migration rates to regional Australia reach record highs,” he said. “Working from home looks to have some degree of permanency post-COVID and is one of the catalysts of this trend, with more people basing themselves in regional locations to work remotely or balancing office work with home working.” The best performing regional area was the Southern Highlands
and Shoalhaven region in NSW, recording an annual growth rate in house values of 35.9 per cent, followed by the RichmondTweed region (32.8%) and Queensland’s Sunshine Coast, which recorded an annual growth rate of 32.3 per cent. “The top performing regional areas were all coastal or lifestyle markets generally within a twohour commuting distance of a capital city,” Mr Lawless said. “These areas fit within the broad trend where demand has surged for lifestyle properties that offer a blend of liveability and commutability.” The longevity of regional Australia’s boom will largely depend on affordability Mr Lawless said, although as more companies formalised hybrid working policies, those areas within practical commuting
distance of the major capitals are likely to remain the most highly sought after. “If housing values across regional parts of the country continue to outpace the capitals, the obvious outcome will be that regional markets lose their affordability advantage,” he said. “We can already see this trend taking shape in some of the most popular regional coastal markets such as Byron Bay, where median house values are $1.7 million and Noosa on the Sunshine Coast in Queensland, where median house values are $1.2 million, much higher than comparable capital city values.” Houses on the Gold Coast were the quickest to sell, with a median time on market of 18 days in the 12 months to October 2021, compared to
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CoreLogic’s latest Regional Market Update has Tweed among the highest regional growth areas in Australia
New England and North West in NSW where houses took around 62 days to sell during the same period. Days on market and vendor discounting rates both fell substantially, a reflection of tighter stock levels compared to strong buyer demand.
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