realestate

Australia's Regional Home Prices Plummet by $108,000

200+ Aussie suburbs see home values drop, with two plummeting by over $100,000.

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ustralia's housing market has seen a mixed bag of results over the past three months, with nearly 200 suburbs experiencing a drop in home values. According to PropTrack's June Quarterly Home Values Index, 192 house suburbs and 168 unit markets declined in value.

    The worst-performing unit market was Lalor Park in Sydney-Blacktown, where prices plummeted by 17% or $104,066, bringing the median unit price to $514,808. Fairfield East and Lisarow followed closely behind with declines of 9% and 8%, respectively.

    Over the year, Banksmeadow in NSW recorded the largest drop in unit values, falling by 28%. Lalor Park came in second, followed by Terrigal and Claremont.

    However, other suburbs made up for the losses elsewhere. Units in Ashcroft, Wahroonga, Belrose, Cartwright, and Sadlier all jumped by 10% or more in just three months, as affordable pockets under Sydney's median price of $1.182m captured buyers.

    The worst-performing house market was Point Lookout in Queensland, where home values fell 6%, or $108,173, to $1,768,325. Quindalup and Lorne followed closely behind with declines of 5%.

    Over the year, Nar Nar Goon North, Blairgowrie, Jilliby, and Rye recorded the largest drop in house values, falling by 10%. Byron Bay and Bangholme also saw significant falls, declining by 9% and 8%, respectively.

    On a positive note, Australia is now home to 1418 house suburbs with a median value over $1 million. Bellevue Hill in Sydney tops the list with a median house price of $9,844,492, followed closely behind by Vaucluse and Toorak.

    Brisbane's median home price recently surpassed the $1 million mark for the first time, finishing the month of June at $1.015 million – an increase of $74,800. It is now Australia's second most expensive capital city after Sydney.

Regional Australian home prices drop sharply by $108,000 nationwide.