Regional real estate: Houses in Werris Creek, Warracknabeal still cheap despite Covid migration
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After what may have been a once-in-a-generation boom, regional property prices have cooled, which could be good news for those still looking to escape the rat race.
However, for those willing to leave the bright lights of the city behind, there are some areas with strong capital growth that are particularly affordable.
The Covid period saw many city dwellers released from the shackles of the daily commute, allowing them to move to regional areas for a sea or tree change, causing house prices to rise.
In the town of Werris Creek, New South Wales, you could pick up this nifty piece of property for $190,000, which is below median price.
Since March 2020, the median price for Australian regional areas has shot up 41.6 percent, but under pressure from rate hikes, it has fallen 5.7 percent since June.
While most regional areas still advanced over the past year, the coveted NSW region of Richmond-Tweed, which includes the northern Ballina, Byron and Lismore rivers, fell 11.7 percent over the past year. trimester.
Repeated flooding also played a role in reducing homes that were fetching an average of more than million at the market’s peak to 2,500.
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Repeated flooding in the Lismore area, like this deluge in March, has pushed property prices down.
The other regions that had substantial drops were the Southern Highlands of New South Wales and Shoalhaven of 7.1 percent, which was mirrored by a 7.1 percent drop on the Sunshine Coast in south-east Queensland.
The Gold Coast saw properties decline by 6.4 percent, while Illawarra was down 6.1 percent and Newcastle and Lake Macquarie were down 6 percent, according to to core logic.
If you’re looking for a cheap home and you’re prepared to head out of town, there are places where strong growth in value hasn’t pushed homes out of the affordability range.
A modest median property price of $212,648 can be found in the Victorian wheatbelt town of Warracknabeal, 338km northwest of Melbourne.
To find property priced around $382,466 in South Australia, you can try Port Macdonnell, around 477km south-east of Adelaide, while in Queensland you can pick up a bargain house for $186,025 in Monto, which is It is located 474 km north of Brisbane.
The charming Queenslander in the Sunshine State is just $172,000, again just slightly below the area’s average price.
The median home price in Collies, 200km south of Perth, is just $240,327, while in George Town, 50km from Launceston, you’ll find homes for around $377,487.
Travel 378km northwest of Sydney and you can buy a house in the town of Werris Creek for around $244,806.
While some regions are falling, others remain relatively buoyant, and overall the Covid fight to get out of town in all regions still sees prices higher than they were before the pandemic.
Over the past year, regional medians still rose 3.2 percent, compared with capital cities that fell 5.2 percent in the same period.
While that still puts city prices 13 percent above pre-pandemic levels, this increase is dwarfed by regional properties that are 35 percent more expensive than pre-Covid.
In the 20 best-performing markets, typically those near capital cities or in close proximity to the beach or in pleasant rural settings, this meant an increase in median prices from $306,000 to $527,000.
In the Victorian wheatbelt town of Warracknabeal, this three-bedroom abode goes for $229,000, slightly more than the town’s median price.
According to Domain’s head of research and economics, Dr Nicola Powell, working remotely during the Covid period made many Australians decide they could enjoy the benefits of living far from capital cities.
“The global pandemic created one of the biggest lifestyle changes Australians have experienced,” he said.
The areas that proved most popular were often near capital cities or near a beach or perhaps wineries.
This home with a built-in garage will set you back $205,000, which is well below the median price for Collie, WA.
The Gold Coast and Sunshine Coast of South East Queensland received the highest number of people from capital cities, with a net inflow of 37 percent, compared to the New South Wales region (27 percent) and Victoria region (23 percent).
The best performing region over the past year has been the area south-east of Adelaide.
It saw growth of 21.7 percent, followed by the New South Wales Riverina and New England and North West regions, which increased by 20.5 percent and 19.8 percent.
Over the past quarter, the only region to see an increase in average prices was Central Queensland, while South East Adelaide and Bunbury in Western Australia were flat.