Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
Richmond takes country’s top spot for price growth By Jo Kennett THE RICHMOND-TWEED region has recorded the strongest price growth of any region in the country, which is good news for homeowners, but bad news for first-home buyers and renters. CoreLogic’s quarterly Regional Market Update, which looks at capital growth over the 12 months to April 2021 in Australia’s 25 largest non-capital city markets, saw RichmondTweed take the top spot for capital gains across both houses and units, with 21.9 per cent and 15.5 per cent annual growth respectively. CoreLogic’s research director Tim Lawless said the faster pace of growth “reflects stronger demand flowing into the regional areas of Australia through the COVID-period to-date.” “This can partly be explained by the new popularity of remote and flexible working arrangements, but also increased demand for lifestyle-oriented properties and holiday homes,” he said. “No doubt the more affordable housing options across many of Australia’s regional markets is another incentive; in April there was a $247,400 difference between the median value of capital city dwellings and regional dwellings.
“Playing into the lifestyle trend, it’s no surprise to see the Richmond-Tweed area topping the list for capital gains over the past 12 months. “This region includes high profile beachside destinations such as Byron Bay, Suffolk Park and Lennox Head, as well as popular hinterland villages such as Bangalow. “Looking forward, regional housing markets remain well placed to record higher than average levels of demand, especially those markets that are located close enough to capital cities to provide a commuting option, and those lifestyle markets that are popular with sea and tree changers.” Mr Lawless did acknowledge the pain that the rapid price rises was causing renters in areas like the Tweed Shire. “While surging values are probably good news for homeowners in these regions, for those that don’t own a home, affordability is being stretched,” he said. “Particularly for long-time locals whose incomes are unlikely to be rising at anywhere near the pace of house price appreciation, they may be forced to seek out housing options further afield.” Rent values across the combined regional markets have outpaced capital city rents even more — regional rent values
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The Richmond-Tweed region has experienced the highest growth of any regional real estate market
increased almost three times as much as the capital city markets over the year. The data revealed an “extraordinary tightening” of regional rental markets. Of the 25 regions analysed, total available rent listings have, on average, halved over the year. According to the CoreLogic data for these regions, rent values have increased 9.4 per cent on average. This ranges from a 17.6 per cent increase across the Richmond-Tweed area, and a 2.3 per cent increase across the Capital Region.
Across these regions, the average time a rental property spent on the market has declined from 25 days in the three months to April 2020, to 17 days over April 2021. The lowest typical days on market in the rolling quarter was across the Gold Coast, where the median amount of time a rental spent on the market was two weeks. The research suggests that tenants are having to compete harder for rental accommodation in major regional centres both on price and the pace of their decision-making. Even worse consequences of the tightening in rental markets
include housing stress and homelessness. The total number of rental properties listed across the Richmond-Tweed region plummeted 59 per cent, from 1,596 listed at the end of April last year to only 654 across the whole Richmond-Tweed area at the end of April this year. Median rents across both units and houses in the area jumped 17.9 per cent to $590. The amount of time rental properties were on the market also plummeted, from 24 days in the three months to April in 2020 to just 16 days in the three months to April this year.
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