Regional housing prices outpace metropolitan areas as they soar to record highs

The cost to buy or rent in regional Australia is growing faster than in metropolitan areas according to the latest research from CoreLogic.

Transcript

00:00 Regional property prices have soared to record highs as Australia's housing

00:03 crisis continues to hit across the nation. Regional prices and rents have

00:08 outpaced those even in metropolitan areas according to the latest CoreLogic

00:12 data. House prices in the regions rose by 2.1% in the last three months

00:17 compared to just 1.7% in capital cities. So overall the regions were up

00:22 about 1.6% in the quarter as well but it's a little more diverse when you look

00:26 at the different rest of state areas. So in regional Victoria for example we're

00:32 still seeing mild declines but again in WA, rest of WA, we're seeing increases of

00:37 2% in the month. Regional renters are also paying more this quarter. Rent

00:42 increased in 47 of the 50 largest non capital city housing markets. The largest

00:48 increase was in Busselton in Western Australia where renters paid an average

00:51 of $93 more on rent each week.