House values have registered a strong growth in regional areas over the past year.
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In the capital region - which includes Goulburn Mulwaree, Yass Valley, Upper Lachlan Shire and Quenbeyana-Palerang - CoreLogic data has revealed that house values have increased by 17.5 per cent in the past 12 months to April 2021, while unit values increased by 14.6 per cent.
Meanwhile, the median value for a house in Goulburn is now $451,164 while that of a unit is $329,978. Similarly, in Queanbeyan-Palerang, the median value of a house is $736,257 while that of a unit is $317,070.
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A similar trend is being seen in Southern Highlands and Shoalhaven where house values increased by 19.5 per cent and units by 14.2 per cent. The median house price is $730,316 and for a unit is $511,651.
CoreLogic's research director, Tim Lawless, says the faster pace of growth reflects stronger demand flowing into the regional areas of Australia through the COVID-period to date.
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"This can partly be explained by the new popularity of remote and flexible working arrangements, but also increased demand for lifestyle-oriented properties and holiday homes," he said.
"No doubt the more affordable housing options across many of Australia's regional markets is another incentive. In April, there was a $247,400 difference between the median value of capital city dwellings and regional dwellings.
"Looking forward, regional housing markets remain well placed to record higher than average levels of demand, especially those markets that are located close enough to capital cities to provide a commuting option, and those lifestyle markets that are popular with sea and tree changers."
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Meanwhile, affordability for houses for non-homeowners in the regions is a big issue.
"Particularly for long-time locals whose incomes are unlikely to be rising at anywhere near the pace of house price appreciation, they may be forced to seek out housing options further afield," Mr Lawless added.
