Also interesting to note that regional markets are outperforming capital cities. On a 3 month to Feb 24, regional dwelling prices increased by 1.3 % vs 1.2 % for capital cities. Corelogic just indicated that it is a rather new phenomenon, outside of the pandemic period. Rents in regional markets have also outperformed rents in capital cities, for the 3 months up to January 2024.
I guess that, it is explained by the same reason than units outperforming houses : people are looking at the most affordable options in the housing market.
However, I don't expect this outperformance of regional markets to last. It is probably a rather radical choice for a lot of people to move to regional areas, except perhaps for wealthy retirees. I guess the majority of people still prefer to stay in capital cities and move to apartments.
Interesting also to note that median house prices in regional areas are comparable to median unit prices in capital cities, at respectively 628,000 $ and 654,000 $ (source : Corelogic in Feb 24).
