Regional Housing Prices, Rents Hit Record Highs in Australia

Published on May 27, 2024

Australia’s housing crisis has deepened as rents and housing prices in regional areas reached record highs in the past quarter. According to real estate data firm CoreLogic, home values across regional Australia climbed 2.1 percent in the three months to April 2024, the highest quarterly increase in nearly two years. In comparison, house prices in capital cities rose by 1.7 percent in the past quarter. “Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike,” CoreLogic economist Kaytlin Ezzy said “After falling 5.8 percent between May 2022 and January 2023, regional home values have seen a slower recovery compared to capital city values but have now regained the losses from the downturn to reach a new record high.”...

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