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Lead By: Staff-Editor-02

Regional housing market approaching peak but still growing

The latest quarterly price report from Domain revealed the average price of a house in regional Australia increased by 3.1%in the first quarter of 2022.

It is a growth rate surpassing several capital cities; the same period saw house prices in Sydney barely move, and dip slightly in Melbourne and Canberra.

But Domain's chief of research and economics, Nicola Powell, said the rate of growth in regional New South Wales was three times slower than the last three months of 2021.

"I think affordability is becoming a hurdle," Dr Powell said.

"Some of these regions will be close to or at the height of their price cycle."

Coastal NSW towns, such as Byron Bay and Kiama, have seen a more than 40 per cent increase in property prices over the past year.

Dr Powell said the recent softening could be because buyers were hesitant to take out a large mortgage, with the average price for a house in regional New South Wales hitting a record high of $730,000.

"With the prospect of interest rates moving higher, that will impact borrowing capacity," she said.

'Lock, stock, and barrel'

While some capital city prices are flatlining, Dr Powell believed people who recently bought in the regions were unlikely to go back.

"Those people who have purchased in regional markets really show that it's kind of a lock, stock, and barrel move," she said.

Dr Powell said the COVID "Escapees" who might return to the city were more likely to be renting.

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Rotary Ukraine Assist : Rotary has announced that it has raised more than $7 million to support locally-led relief efforts underway by Rotary clubs in Ukraine and neighboring countries.

Rotary Clubs of Port Macquarie & Taree On Manning have responded to the humanitarian crisis caused by the war in Ukraine.

Globally, Rotary announced today that it has raised more than $7 million to support locally-led relief efforts underway by Rotary clubs in Ukraine and neighboring countries.

“The need for immediate humanitarian aid is increasing with each passing day,” said John Hewko, CEO of Rotary International. “Rotary clubs in Europe and around the world, including our 1,100 members in Ukraine, have stepped up their relief work, with some on the ground helping those displaced by the war.”

In western Ukraine, Rotary members in Lviv are working with local authorities and major hospitals to provide urgent medical supplies and equipment.

In Slovakia and the Czech Republic, Rotary clubs have partnered with a railway company to offer transport to refugees and deliver essential items.

In France and Germany, Rotary members set up a central fund and working group to coordinate aid for Ukraine and border countries.

Rotary clubs in Poland have taken swift action to provide food, water, medical equipment, and transport and shelter for Ukrainian refugees. 

Funds raised by the Rotary Foundation – Rotary’s charity arm, go directly to those in need through local Rotary clubs in Ukraine and other countries where substantial aid is needed for refugees.

Rotary clubs are also coordinating with partners to explore effective solutions to increased humanitarian needs.

Rotary’s disaster response partner ShelterBox, is collaborating with Rotary members in Eastern Europe to provide essential supplies and access to temporary housing for those who have left Ukraine, along with medical and shelter supplies for communities in Ukraine. 

Items include mattresses for people living in schools and sports centers, shelter kits with tools and rope, hygiene kits, winter jackets, solar lights, and water carriers to help people survive as they are forced to live in damaged buildings. 

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