Some of Australia’s most popular regional areas have rapidly reversed their pandemic gains, with prices dropping sharply in the past 12 months and more pain expected.
House prices in Byron Bay have plummeted by 26.1 per cent in the past 12 months, as the return of international travel and workers moving back to the cities, combined with the nine interest rate rises, hitLocalities within NSW’s Richmond-Tweed region have suffered the sharpest declines in home values, rapidly reversing some of their large gains during the pandemic.iStock
“Since then much has changed with borders reopening, outbound travel returning, workers returning to the office not to mention the overlay of nine rate rises. It’s been a swift and significant shift.“would be necessary to curb inflation, Ms Owen said there was a good chance housing values will continue to trend lower, and regional areas would not be immune from softer conditions.
Towns in popular tree change destinations such as the Southern Highlands and Shoalhaven also lost a large chunk of their pandemic gains, with Shoalhaven Heads, Vincentia, Berry and Mittagong dropping between 11.2 per cent and 15.3 per cent over the year. Since the rate increases began in May, home values have dropped by an average 0.8 per cent each month across the regional markets, compared to a deeper 1.1 per cent average monthly fall in the capital cities.
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