Key Highlights
- Research is based on detailed, comprehensive data on property sales made available by the Valuer General offices to profile and understand the state and dynamics of the property markets across regional areas.
- The study examined the sales volume, median price, demography, and other characteristics of the regional property market in specific states over the last decade to identify the spatio-temporal patterns in their behaviour.
- The primary output of the project – a dynamic, interactive, multi-level, geo-spatial visualisation tool that shows the spatio-temporal patterns of property markets in regional areas together with results of the analysis in summary profiles (median price trend clusters, demographic profiles etc.) across various statistical areas.
- This study is important to the Australian property industry due to a considerable lack of usable publicly available data and resources regarding regional property markets compared to the capital cities.
- The study’s datasets will be leveraged with broader available resources to develop a more comprehensive, national level data infrastructure and ecosystem of tools.
Authors
UNSW’s Dr Balamurugan Soundararaj, Dr Chyi Lin Lee, Prof Chris Pettit and UniSA’s Dr Ali Soltani, Peter Rossini, and Mohammed Heydari.
Housing one third of the population and generating two thirds of the export economy, regional towns and rural areas are a significant part of the Australian socio-economic structure. Although there is substantial policy focus on regional development and improving the well-being of its residents at federal and state levels, much of the detailed, large scale, longitudinal studies on the built environment, real-estate and property markets are often focused on the capital city regions. To tackle this issue, this study uses the detailed, comprehensive, large scale, long-term longitudinal data on property sales made available by the Valuer General offices of New South Wales and South Australia to understand the dynamics of the property markets in regional Australia and the factors affecting them.
Previous APREF Research
- Towards more inclusive equality and diversity for the Australian valuation industry
- Valuation @ Risk
- Black Swan Events, Quantitative Easing, and the Australian Housing Market
- Urban densification through private land assembling in inner and middle suburbs for decentralised BTR development
- Big Visual Data Analysis using Artificial Intelligence for Mass Valuation of Residential Properties in Australia
This research was funded by the Australian Property Research and Education Fund (APREF). Learn more about APREF here.
