Regional housing market narrowing in on capital cities

Population movement to the regions is almost 12 per cent above pre-pandemic levels. (Aaron Bunch/AAP PHOTOS)

THE STATE OF THE REGIONAL HOUSING MARKET

* The median value of all dwellings in regions jumped by 54 per cent to $605,780 between March 2020 and December 2023, compared to a 29 per cent increase to $832,193 in the cities

* Rental vacancies are worsening, dropping to 1.2 per cent in September

* While capital city rents fell between 2020 and 2021, the height of COVID-19 lockdowns, regional rents continued to increase

* Flats or apartments make up just two to three per cent of the total housing stock in some regions, compared to 42 per cent in metro areas

* Monthly building approvals continue to decrease, a similar trend to the capital cities

* Population movement to the regions is almost 12 per cent above pre-pandemic levels

* The regions gained 166,000 new residents in the latest Census period

Source: The Regional Australia Institute's national regional housing summit discussion paper