Tuesday 16 August 2022 11:37 PM Australian property: Sea change areas where house and unit prices are falling trends now
Home prices are falling in sea change areas as interest rate rises hit regional markets a short drive away from capital cities.
Idyllic towns near the beach have been popular with professionals able to work from home - but that is changing as the lending capacity of banks is constrained.
The Richmond-Tweed area of northern NSW, covering Byron Bay and Ballina, has been the worst-affected house market since the Reserve Bank began raising the cash rate from a record-low of 0.1 per cent in May.
In the three months to July, the median house price has plunged by 4.5 per cent to $1,034,826.
The Richmond-Tweed area of northern NSW , covering Byron Bay (pictured) and Ballina, has been the worst-affected house market since the Reserve Bank began raising the cash rate from a record-low of 0.1 per cent in May
It was one of 10 regional areas to suffer a quarterly fall in house values, CoreLogic data showed.
The Illawarra region, covering Wollongong and expensive South Coast towns like Kiama, saw its mid-point house price dive by 3.5 per cent over three months to $1,043,277.
The neighbouring Southern Highlands and Shoalhaven area, stretching from Bowral to Nowra, suffered a three per cent drop in the three months to July, taking the media house price back to $1,019,326.
Apartment values are also falling with seven regional markets going backwards in the three months to July.
The Richmond-Tweed area suffered a 3.8 per cent fall, taking the median unit price back to $702,863.
Inland areas are also going backwards with Ballarat in Victoria suffering a
