The Warragul-Drouin region was one of five regional markets to see an annual decline in dwelling values according to Corelogic’s latest regional market update.
Warragul-Drouin experienced a 1.6 per cent drop in dwelling values over the July 2023 to July 2024 period, joining Geelong (down 2.1 per cent) and Ballarat (down 5.7 per cent).
Over the previous quarter, Corelogic found dwelling values increased by 1.3 per cent over the three months to July, compared to a 1.8 per cent rise in capital cities.
CoreLogic Australia Economist Kaytlin Ezzy said the pace of growth has eased from recent peaks as normalising internal migration patterns cools demand for regional housing.
“The quarterly growth rate in regional dwelling values has slowed from a recent high of 2.2 per cent in April to just 1.3 per cent in July,“ she said.
“The capital cities have also seen a moderation in growth, albeit milder, from 2 per cent to 1.8 per cent over the same period/
After accelerating through the first quarter of the year, rental growth across the combined regions also lost momentum.
The CoreLogic regional rental index recorded a 1.3% increase over the three months to July, down from the 2.8% rise seen in the March quarter.
Ms Ezzy said affordability continues to be a significant issue across the region.
“Although the majority of markets are still recording positive rental growth, the pace of quarterly growth has eased in most regions, with many renters coming up against affordability constraints and some looking for ways to share the additional rental burden by forming larger households,“ she said.
“Dwelling values have risen by 52.5 per cent since the onset of the pandemic, and rents are up 39.1 per cent.“
The Warragul-Drouin region has recorded 837 sales over the previous 12 months, with a median value of $647,074 and a quarterly change of 0.5 per cent.
