A two-year property boom in popular tree and sea change towns is starting to reverse as investor interest wanes and interest rates rise, pushing values lower. propertyprices realestate melbourneproperty
Overall, regional dwelling values across Australia fell by just 0.2 per cent over the past three months after reaching peak quarterly growth of 6.4 per cent in December last year.Though it’s the first fall in almost two years, it could deepen, with sharper falls expected if the Reserve Bank of Australia continues significant interest rate hikes over the next few months, CoreLogic economist Kaitlyn Ezzy said.
“The regional areas are now showing a similar pattern to what was happening in the capitals a couple of months ago, especially in the more expensive regional areas [which normally lead a downturn].” Agents say the number of buyers coming to the market is falling after two years of a coronavirus-induced regional boom when a wave of city dwellers moved.
Smith estimated prices in the popular holiday spot had come back by around 10 per cent, but owner-occupiers were still looking to get in, he said. Investor interest had fallen away.
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