Perth Slows, Regions Surge

Hotspotting

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Hotspotting has been forecasting, recently, changes in the pecking order of price growth among the major markets of Australia – and the latest research data confirms it.

Regional real estate and apartment markets are the out-performers in the latest figures from CoreLogic – which also show that Perth is no longer leading the nation on price growth.

For some time now, regional Australia has been showing better growth on average than capital city Australia and the latest figures to the end of January show that this, generally speaking, is still the case.

In January the average situation for the capital cities was a small decline of 0.2% in the median house price, but a 0.4% rise for the combined regions.

In the past quarter, capital cities have dropped 0.7% while the combined regions have risen 1%.

It’s a similar story with apartments: the capital cities on average dropping a little but the regions delivering solid growth.

With house prices, looking across the 15 major market jurisdictions (eight capital cities and seven state and territory regional markets), 9 of the 15 have recorded increased their house prices. And, similarly, 9 of the 15 have lifted their apartment prices.

One of the key factors revealed by this new price data is the Perth growth rates are dropping sharply. After leading the nation on house price growth over the past two years, Perth is no longer at the top of the charts.

In January, the leading capital cities for house price growth were Adelaide and Darwin – and in the past three months it’s been Darwin, Adelaide and Brisbane, all ahead of Perth.

The regional markets of South Australia, Queensland and Tasmania have also done better than Perth in the latest quarter.

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