Regional Areas See High Demand and Strong Price Growth

December 28th, 2013

The latest figures from the Bendigo Bank/REIA Real Estate Market Facts Report show that regional areas in Australia are seeing high demand and strong price growth, according to Your Investment Property.

Strong housing growth can be seen in areas outside the capital cities, where house prices have increased by more than 15% in the September quarter, said Dennis Bice, retail executive for Bendigo and Adelaide Bank.

In NSW, Newcastle recorded a 16.5% house price increase and Wollongong was 13.1%. In Geelong (VIC), house prices increased above 15%, and for Riverland (SA), it went up by 15%.

For apartments, Bendigo (VIC) saw an 11.3% price growth, Cairns (QLD) was 10%, and Mandurah (WA) was 13%.

In the September quarter, the average median price for a house in a capital city was $562,503, which is a 3% increase. An apartment cost around $460,315, which is a 2.2% increase.

Melbourne was the leading capital city for strong price growth, with a 7.3% rise over the September quarter. Sydney came second, recording an increase of 4.2%.