Clarence Valley property market sustains growth
THE Clarence Valley property market remains strong despite a decline in growth rates across regional Australia.
CoreLogic analyst Cameron Kusher said while nationally and across the combined capital cities dwelling values were now declining, many regional areas such as the Clarence Valley were outperforming them.
This is backed up by the latest figures from CoreLogic which revealed six Clarence Valley suburbs recorded property price growth in the past quarter and many more recorded extraordinary growth in the past three years.
The best quarterly performer was Coutts Crossing, where the median house price increased by 7.4 per cent to $345,000. It was followed by Waterview Heights, 5.5 per cent and South Grafton 3.3 per cent.
Taking a longer term view, the property market has been a solid performer with property prices jumping by more than 30 per cent in eight suburbs over the past three years.
The best performing house market was Coutts Crossing with 38 per cent median house price growth. Meanwhile the median price for a unit in Yamba had jumped a massive 51.4 per cent to $435,000.
Wooli was also a solid performer with its median house price up by 37.1 per cent to $480,000, and Waterview Heights increased by 35.8 per cent to $440,000.
The figures revealed 1041 properties changed hands in the past 12 months with Grafton achieving the highest level of sales with 216, followed by Yamba, 145, and South Grafton, 142.
Mr Kusher said while the rate of price growth had slowed in regions, many were still outperforming capital city markets, where growth had slowed substantially or fallen.
He said listings in regional markets had increased in recent weeks on the back of the spring selling season.