Australia’s smaller cities are boosting property values across the nation, with stronger market conditions in regional areas, as well as Adelaide, Perth, Brisbane and the ACT driving the growth, latest research has found.

 New data from CoreLogic has revealed Australia’s housing dwellings increased 2.4% during the first quarter of 2022, adding about $17,000 to the value of an Australian dwelling.

 Regional South Australia recorded a new cyclical high of 7.4% during the March quarter, while Perth (1.9%) has shown a higher rate of growth since the WA borders reopened.

 Housing values across the combined regional areas increased at triple the rate of the combined capital cities in the March quarter.

 Angus Raine, Executive Chairman, Raine & Horne, said it was hardly surprising the data findings showed that regional dwelling values increased 5.1% in the three months to March, compared with the 1.5% increase recorded across the combined capital cities.

“Our regional offices, as well as our offices in Perth, Darwin, Adelaide across to the ACT and Brisbane have all reported a stellar first quarter of 2022,” he said.

“In Darwin alone, the number of properties hitting the market is some 75% higher than the capital city’s historical January average,” he said.

“Our agents are attributing this growth to 85% of buyers in Darwin that are currently owner-occupiers seeking a first home or to upgrade.

“In South Australia, interstate buyers are flocking to Adelaide due to the transformation of the economy to a service and business-based economy hence a heightened demand for property.”

Meanwhile, CoreLogic’s National Home Value Index grew to 0.7% in March – up 0.6% from February.

 Why are the regions tracking so well?

 According to Australian Bureau of Statistics (ABS) regional population growth figures, the total number people living in Australia’s regions grew by close to 71,000 residents during for FY2020-21.

 Angus said the COVID-19 pandemic had changed the way Australian’s live, with many choosing to leave the hustle and bustle of city life for a tree or sea change.

 “Across Australia, many of our agents have helped buyers’ fast-track their plans to realise the rural or sea change they had always wanted to make,” he said.

 “Lockdowns and restrictions made many buyers reassess how they live and work, and remote working has made many people realise they can live and work regionally.”