Homes are still moving swiftly here in the Echuca Moama region with some amazing results of late, especially a cracking little place in Barry Street, Echuca.

There was huge interest in this property with six bidders competing on the day and the hammer going down on an impressive $600k – $90k over the asking price.  

We were thrilled for the young family who snapped up this property, who are relocating back to the area – it was certainly smiles all round for all involved!

It’s no surprise then that regional Australia is leading the way in property growth with people flocking from cities on the back of almost 2 years of pandemic lockdowns.

CoreLogic’s November Home Value Index confirmed that housing values rose another 1.5% in October, but the pace of the growth was marginally slower compared to the past quarter.

CoreLogic explained that conditions are finally improving for buyers, with persistently low levels of housing inventory starting to lift from an extremely low base.

Regional Australia continues to lead the nation’s capital gains, with New South Wales gaining 2.1% and Queensland 1.9% for them month. Western Australia was the

region to record a marginal fall in housing values, down -0.1%. Tasmania has experienced the greatest growth in the past 12 months, leading the nation’s country property prices with a phenomenal 29.1% growth.

While market conditions remain very strong, some diversity is beginning to appear, with Perth recording its first negative monthly result since June last year – down 0.1%. Brisbane is now the nation’s fastest growing capital, with values there rising 2.5% in October, followed by Adelaide and Hobart followed with a 2% rise in home prices. Sydney and Melbourne’s rate of monthly growth halved, and this is an important indicator as to the trend likely to follow across other capitals.

Capital City Home Values for October:

• Sydney - Up 1.5% (annually 25.2%)
• Melbourne - Up 0.9% (annually 16.3%)
• Brisbane - Up 2.5% (annually 22.3%)
• Adelaide - Up 2% (annually 20%)
• Perth – Down 0.1% (annually 16.3%)
• Hobart – Up 2% (annually 28%)
• Darwin – Up 0.4% (annually 19.2%)
• Canberra – Up 1.9% (annually 25.5%)
• National average – Up 1.4% (annually 21.5%)

CLK Director Troy O’Brien said the local market is certainly robust as we continue to see Melbourne based buyers looking for the opportunity to relocate regionally.

“The increase in employment opportunities locally has also provided confidence to buyers looking to move to the area, which has added another lever to the already super-hot property market,” Troy said.

If you're thinking of entering the local real estate market to sell of buy, be sure to contact our CLK Sales Team. You can find all their details here.

Blog data and info thanks to CoreLogic and First National Real Estate.