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Regional property markets along Australia’s east coast are experiencing a positive upswing, with many enjoying the ripple effect created by vibrant capital city market activity.
A new report released by CoreLogic RP Data confirms regional property markets along Australia’s east coast are showing signs of improving.
The report said many areas are enjoying the flow of energetic capital city market activity, coupled with predictions that mortgage rates are tipped to remain low.
CoreLogic RP Data researcher Cameron Kusher said the prospect of achieving greater value growth is likely for a majority of regional markets.
However, he said the likely challenge in this mix will be the rising levels of unemployment, which he says “can be more detrimental to less diversified, regional economies than to capital city markets”.
Mr Kusher said that with the mortgage rates tipped to remain low and the uncertainty around the performance of the Australian dollar, the attractiveness of housing, particularly in some of the regional markets, is likely to continue to show further growth over 2014.
The report follows comments by the Real Estate Institute of Queensland that their two star performers of 2014 were Toowoomba and Cairns.
They recorded increases in their median house values of 8.3 and 8.2 per cent respectively.
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