The impact of nine consecutive interest rate hikes has varied widely in suburbs, regions and states.
In the face of property prices falls that have been most dramatic in the three eastern seaboard states, there are still many suburbs experiencing growth.
Despite the interest rate rises, investors are still purchasing property, and perhaps buying in different areas to where they may have been prior to the interest rate rises.
Some owner-occupiers and investors alike have been more likely to sell properties, opening up more opportunity for first home buyers, families looking to upsize and downsizers in many markets.
In New South Wales, the central coast north of Sydney and south of Newcastle remains a popular spot for Sydneysiders to relocate for a better lifestyle, cheaper house prices, all the while still being able to commute back to the city when required.
Gorokan is one central coast suburb that has continued to enjoy capital growth, with 10.8 per cent median house price increases in 2022, following a stellar 27.5 per cent uplift in 2021.
In addition, Forster on the mid-north coast, around 300km north east of Sydney, has also defied the downward price pressure felt elsewhere, with an 18.8 per cent increase for median house prices in 2022, following 20.4 per cent in 2021. A popular coastal town with beautiful beaches and an affordable lifestyle, it still attracting lots of buyer interest and positive market activity.
Regional Queensland’s pockets of property price growth
In Queensland, Maryborough on the Fraser Coast, is about four hours north of Brisbane and about 2.5 hours north of Noosa. An historic city on the Mary River and endowed with beautiful and historic buildings, Maryborough has enjoyed 21.1 per cent growth in 2022, after a huge 29.5 per cent increase in 2021.
Toowoomba in the Darling Downs region of southern Queensland, the second most populous inland city in the country after Canberra and best known for its Cobb and Co Museum and horse drawn carriages, is another area that has continued to grow. Toowoomba City has enjoyed a 6.9 per cent rise on the median house price, after 35.3 per cent growth in 2021.
Victorian regions defy property price downturns
Wodonga, the well-known half of Albury-Wodonga straddling the NSW-Victoria border is Victoria’s fastest growing regional city.
Situated about 300km north east of Melbourne, Wodonga is the site of an Australian Army logistics base and training centre for Army technical apprentices. It also has a campus of La Trobe University and is home to Wodonga TAFE.
Wodonga continued to enjoy growth in 2022, with 18.2 per cent added on to the median house price, following 26.3 per cent in 2021.
Warrnambool, along the Great Ocean Road, is renowned for its safe, sheltered beaches, moderate climate, parks, gardens and Logans Beach, where southern right whales come to give birth each year between June and September, offering a mix of seaside locations, tourism and family appeal.
The fresh sea air and relaxed attitude make for an enviable, healthy lifestyle, and with that Warrnambool too continued to grow in 2022, experiencing a rise of 13.7 per cent on the median house price, following 26.2 per cent in 2021.
While there are heavy declines in some property markets, including many hard-hit regional areas, there are still many suburbs and regions experiencing growth despite the current interest rate trajectory.
Article source: www.apimagazine.com.au