A Glance at the 2023 Property Market
As we approach the midway point of 2023, the property market has shown some interesting trends. In this article, we will explore the key takeaways from the most recent CoreLogic report on house and unit values in various regions across Australia.
Exceptional Performance in South East SA
South East SA has emerged as the best-performing regional house market in terms of values in the state. Despite the wider national market decline, this region has demonstrated resilience and continued growth. The latest data shows that house values in South East SA ended the period 11.9% above the five-year average for the region.
Riverina NSW and Bunbury WA: A Closer Look
The Riverina region in NSW experienced a surge in median values for both houses and units, showcasing its strength in challenging market conditions.
Similarly, Bunbury in Western Australia also posted encouraging results despite a complex market environment. The region had the second best average days on the market, an impressive 27 days, and recorded the lowest vendor discounting across the regions at -2.9%.
NSW: Albury and Beyond
Albury, NSW witnessed a significant decrease in sales volumes over the past year. However, the median vendor discounting in this region improved, reflecting a healthier and more balanced market. Despite challenges in the broader NSW lifestyle markets, there is optimism as these regions continually adapt and rebound.
Queensland: Gympie, Rockhampton, Toowoomba, and Beyond
The property market in Queensland, particularly in Gympie, Rockhampton, and Toowoomba, presents an intriguing mix of trends. While Gympie witnessed a dip in house sales, median values held strong, demonstrating a robust market the region. Rockhampton and Toowoomba showcased solid growth in property values, highlighting the potential of these regions.
Despite decreases in sales volumes, Queensland regions were among the smallest decliners, with Townsville leading the way at -1.5%, followed by Central Queensland at -6.4%, indicating resilience amidst a challenging year.
The best regional performers for the period have been South East SA, Townsville, and Toowoomba. These regions have shown growth, stability, and strong buyer activity despite the overall declining market. While some regions have experienced declines nationally, there are still opportunities to be found in regional areas.
Stay Informed with Elders
Understanding the ever-changing landscape of real estate markets is crucial when making property decisions. The expert team at Elders is here to guide you through this journey, providing tailored insights and support. Contact your local Elders office for expert guidance on your property journey.