Gippsland-South West in Victoria, South Coast and Inverell in NSW, and West Coast in Tasmania are now offering buyers plenty of options, according to Suburbtrends.
Nearly two dozen of the country’s most popular tree change and sea change destinations are turning into buyers’ markets, sparked by a sharp jump in inventory levels amid falling demand, data from Suburbtrends shows.
Southern Highlands, Shoalhaven, Lithgow-Mudgee and Coffs Harbour in regional NSW are also favouring buyers as inventory levels climb to between 10.9 and 11.2 months’ worth of stock. Eliza Owen, CoreLogic head of research, said regional markets such as Southern Highlands and Shoalhaven have been hit by a double whammy of rising interest rates and“There’s been a very strong adjustment in some of the most popular markets that saw a strong lift through COVID,” she said. “I think we’re unlikely to see a vast improvement until more confidence returns in the housing market more broadly and interest rates are cut.
Ben Olofsen, property partner at The Agency Southern Highlands, said the Southern Highlands has been relatively stagnant over the past 12 months. The substantial increase in stock and weaker demand has already started to weigh on prices across many of those regions.The average listing price has slumped by 14.4 per cent in Shoalhaven, it declined by 14 per cent across Richmond Valley Coastal and down by 2.7 per cent in the Southern Highlands.
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