Batemans Bay is in a housing market slump, according to new data.
CoreLogic’s latest Quarterly Regional Market Update, shows Batemans Bay recorded the largest annual decline in median property values across regional markets, with a fall of 5.8% in the last 12 months.
“Annual declines were recorded in 11 regional markets across Victoria, Tasmania and NSW where the coastal market of Batemans Bay (5.8%) had the largest annual decline,” the CoreLogic report states.
The average property price now sits at $723,936 dollars which is down 0.34% on last quarter but up 45.1% on five years ago.
The drop in housing values in the region has impacted rental prices in the area, which are down a whopping 10.3% year on year, and almost 2% on last quarter.
It gives Batemans Bay the title of “Australia’s weakest rental market”.
WA dominated the list for highest annual rental growth, with the top four regions being Bunbury (14.8%), Busselton (12.7%), Geraldton (12.1%) and Albany (11.2%).
Queensland’s Gladstone (11.6%) and Mackay (10.4%) were the other two regional markets with double-digit rental growth in the past year.
“Batemans Bay was Australia’s weakest rental market, recording the highest quarterly fall in rents (-1.8%) and an annual decline of -10.2% in the 12 months to January.”
Houses and units are taking longer to sell in the Bay as well with data showing properties are spending an average of 75 days on the market in the seaside town compared to 12 months ago, when they were being snapped up after an average of just 46 days.
The number of property sales have also dropped in the Bay, with the most recent annual sales count at 489, down 9.3 percent on the previous year.
CORELOGIC DATA:
VALUES/SELLING CONDITIONS
SUA name: Batemans Bay
Median value: $723,936
Change in Values
3 month: -0.34%
12 month: -5.8%
5 year: 45.1%
Median time on market (12m)
Current (12m to Jan 24: 75 days
12m ago (12m to Jan 23): 46 days
Median vendor discounting (3m)
Current (12m to Jan 24): -6.6%
12m ago (12m to Jan 23: -3.8%
Annual sales volumes (12m to Nov 23)
Sales count (12m Nov 23): 489
Compared to prev 12m period: -9.3%
Compared to prev 5yr average: -23.2%
RENTAL DATA
SUA name: Batemans Bay
Median rental value: $520
Quarterly change: -1.8%
Annual change: -10.2%
5 year change: 22.5%
Gross Yields
Current (Jan 24): 3.8%
12m ago (Jan 23): 3.9%
Images: Eurobodalla Shire Council, Bega Valley Shire Council
