Regional housing boom to run two years more
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House prices in the regional markets have surged twice as fast as their capital city counterparts during the past year, jumping up to 30 per cent in some areas as strong demand for lifestyle and holiday homes overwhelms the scant supply.
Over the 12 months to April, the combined regional housing values have climbed by 13 per cent, while capital city home values rose by 6.4 per cent, CoreLogic data shows.
Strong demand has lifted Byron Bay’s median price to $1.4 million, higher than the greater Sydney median of $1.14 million.
“This can partly be explained by the new popularity of remote and flexible working arrangements, but also the increased demand for lifestyle-oriented properties and holiday homes,” he said.