Regional suburbs in Australia's east coast were able to maintain a strong position in terms of home values and sales activity during the first few months of the COVID-19 outbreak.
Data from CoreLogic revealed that regional suburbs in New South Wales, Victoria, and Queensland managed to control the impacts of the COVID-19 outbreak on house prices, with some even posting gains over the quarter to June.
These regional suburbs outperformed capital cities in terms of median value growth and sales activity. For instance, median values in regional New South Wales grew by 0.6% over the June quarter. During the same period, values in Sydney fell by 0.8%.
Suburbs in regional Victoria also performed better than in Melbourne, with the former posting a 0.6% growth while the latter recording a 0.1% decline.
While regional Queensland recorded a 0.1% drop over the quarter, the decline was still higher in Brisbane at 0.2%.
Here are some of the best suburbs in regional New South Wales, Victoria, and Queensland over the June quarter:
John McGrath, founder and executive director of McGrath Estate Agents, said the gains in property prices in these suburbs reflect the resiliency of the housing market amid an economic downturn.
"It’s a reminder that property has a big advantage over every other investment asset class in an economic downturn. People don’t stop needing homes in a pandemic, a recession or when they lose their jobs. This makes the market resilient and supports property values," he said in a think piece in The Real Estate Conversation.
