Houses continued to outperform their apartment counterparts across regional markets in Australia, according to the latest analysis by CoreLogic.
Overall, 15 of the regions being tracked by CoreLogic posted gains in house prices. Unit values, on the other hand, only rose in eight markets.
The Launceston and North East Tasmania region reported the most significant increase in house prices at 7.1%, bringing its median house value to $338,139. The region's apartment market also outperformed others, with its median unit price rising by 13.6% to $269,225.
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"It is no surprise to see the Launceston and North East region of Tasmania topping the list for capital growth. The region has benefitted from a City Deal, increased tourism which is boosting the local economy and a spill-over of growth from Hobart, as people seek relatively affordable housing elsewhere in Tasmania," said Eliza Owen, head of residential research at CoreLogic.
The Gold Coast registered the second-highest boost in house prices at 5.2%, followed by Cairns at 4.2%.
However, the most robust sales volume was recorded in the Illawarra region, where there was a 9.8% increase in activity. Ballarat, on the other hand, was the fastest-selling region, with houses spending only 30 days in the market.
While Bunbury clocked the second-highest sales volume over the year to January, the region reported a price decline of 6.6%. House prices also slowed in Riverina, which ended the 12-month period with a 6.1% decline.
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The year had also been slow in New England and North West, where sales activity fell by 16.1%.
The conditions in the Southern Highlands and Shoalhaven region in New South Wales were also not ideal for sellers, especially with its selling time of 103 days for houses and 101 days for units.
Across the unit markets monitored by CoreLogic, Wide Bay in Queensland placed second in terms of value growth. Prices of apartments in this region grew by 5.5% over the year to January.
Ballarat was also the fastest-selling market for units, with days-on-market averaging at 29.
In terms of sales, Geelong topped the list after it posted a 26.7% surge in activity.
Owen said high-amenity regions that are close to major capital cities are likely to record further growth over the rest of the year.
“These include the Gold Coast and Sunshine Coast, Geelong and the Newcastle and Lake Macquarie regions. As housing affordability becomes a resurgent issue in 2020, capital city residents may once again seek relatively affordable housing in nearby regions, or regional areas with high levels of amenity,” she said.
