According to the latest house price index released by CoreLogic of the Australian Housing Authority: The growth rate of overall house prices in Australian cities in 2020 is more than three times that of capital cities! The data shows that strong transactions have brought continuous growth. The overall increase in house prices across Australia was 3% in the previous year. The main increase came from regional cities. The overall increase in house prices reached 6.9%, while the overall increase in capital cities was 2%.
At the same time, this means that for the first time in the past 15 years, the annual growth rate of regional cities in Australia has exceeded that of capital cities! CoreLogic data summary:
Under the government’s incentives, overall Australian house prices have increased by 3% in 2020
Regional cities far outperformed capital cities, with an overall increase of about 7%
National housing prices rose 1% month-on-month in December
CoreLogic research director Tim Lawless said: “This is a brand new phenomenon that breaks the traditional pattern of the Australian housing market. Since 2004, regional cities have never performed better than capital cities.” He said, “This is what caused this phenomenon. One of the main reasons is: the new crown epidemic has caused residents of some capital cities to flee to relatively safer and wider regional cities.”
Lawless also revealed: “Currently, CoreLogic and the Australian Bureau of Statistics have sufficient data to support this phenomenon. I think this trend will become more and more obvious, and it will continue until 2021, and we will begin to see regional and capital cities. The housing price gap is gradually decreasing.” Lawless also pointed out: In 2020, the Australian housing market experienced a moderate decline due to the turmoil caused by the epidemic, mainly from April to September. The overall housing price fell by 2.1% during March and April. Although the sales volume of residential properties dropped by 40%, it still increased by nearly 8% compared to the same period last year. “
https://www.abc.net.au/news/2021-01-04/house-prices-rise-1pc-regional-beats-capital-cities/13029268