Good news for buying a home in the Southern Highlands (October 2023).
The Southern Highlands, which includes the towns of Bowral, Berrima, Mittagong and Moss Vale, had a 2 per cent drop in property values in the past three months, driving average growth in regional areas down to just 0.1 per cent. That compares with average growth in the cities of 1 per cent over the period, the CoreLogic data shows.
“Prices are likely to fall further across many of these regional areas, although the trend across the weakest regional markets is generally towards a slower pace of decline,” said Tim Lawless, CoreLogic research director. He goes on to say that overall, housing values fell in 39 per cent of Australia’s regional areas over the past three months, compared with only 8.3 per cent of capital city districts.
“A lot of these regional markets have lost their affordability advantage after huge gains during the pandemic, even with values falling in the past few months.”
During the pandemic, house prices surged by 41.6 per cent across the combined regional housing markets, almost twice the combined capitals’ 22.3 per cent gain.
Since peaking, regional house prices have fallen by 7.7 per cent, which means values are still 33 per cent higher than before the pandemic boom.”
So it’s good news for buyers and if you need help to bu
