CoreLogic Regional Market Update: March 2015

Newcastle & Lake Macquarie | NSW

There were 8,205 Newcastle and Lake Macquarie homes sold over the 12 months to February 2015, down -2.8 per cent when compared to the previous period. Despite the fall in home sales, the number of houses sold increased (1.2 per cent) with unit sales down by a significant -18.3 per cent over the year. While sales volumes have slowed, home values are rising, up 7.4 per cent over the year to March for houses and 6.6 per cent for units. In dollar terms that is over a $31k rise for houses and over $23k for units. Homes listed for sale across the region are selling faster than they were one year ago, approximately 4 days faster for houses and 14 days for units.

Illawarra | NSW

Over the first quarter of 2015, Illawarra home values rose by 2.6 per cent for houses and 3.1 per cent for units, a solid result for the region, bringing home values 9.3 per cent and 9.6 per cent higher over the year for houses and units respectively. The number of Illawarra homes sold over the year to February 2015 was -3.1 per cent lower than over the previous year, with the fall in transaction volumes driven by units, down -14.4 per cent, compared to a rise in house sales of 2.5 per cent. Illawarra’s rental market has seen rents rise over the past year, up 2.3 per cent for houses and unit rents are 4.2 per cent higher than last year.

Richmond - Tweed | NSW

Richmond-Tweed sales activity in 2011-2012 was the lowest on record and since this time, sales volumes have been rising, with current sales activity 22 per cent higher than the five year average for the region. Home values across the region have risen over the past year, up 3.6 per cent for houses and a greater 4.5 per cent for units, which is well above the average annual five year performance for the region (-0.9 per cent for houses and -1.4 per cent for units). Similarly, rental growth across the region has been strong over the past year, with the advertised median weekly rental rate up 11.7 per for houses and 7.5 per cent for units.

Gold Coast | QLD

A broad overview of the Gold Coast housing market shows home values have moved 4.8 per cent higher for houses and 3.9 per cent higher for units over the year to March 2015. Annually, home values have been increasing since August 2013, showing an overall strengthening across the market. The number of Gold Coast homes selling has also increased over the year, up 1.8 per cent compared to last year. Over the year to February 2014, home sales were 35.1 per cent higher across the Gold Coast when compared to the previous year and the fact that these volumes have been maintained and furthermore improved on is a positive indicator of a strengthening market.

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