Nowra is one of the only places in Australia where rents aren't rising

The median rental value in Nowra, Bomaderry, St Georges Basin and Sanctuary Point had a quarterly drop in prices according to CoreLogic's May Regional Market Update - which analyses housing data from 50 significant regional areas across Australia.

The towns were in the minority against most locations where rental prices increased. Of the 50 non-capital markets measured by CoreLogic, 47 had rent increases.

While the decreases were small - Nowra and Bomaderry (0.3 per cent) and St Georges Basin and Sanctuary Point (0.1 per cent) - the result could suggest the rental market is steading in the area.

However, this would be after years of price increases.

The median value for a rental is $576 in Nowra/Bomaderry while house prices continued to increase, rising 4.4 per cent in a year to reach a median value of $691,334. Sales for the region have also increased 15 per cent annually.

Rental value is similar in St Georges Basin/Sanctuary Point where on average a rental is $557 a week and the median property value is $771,116. Sales have also lifted in the past year.

CoreLogic Economist Kaytlin Ezzy said values in the regions are outstripping the capital cities where they experienced a record high in April.

"Housing affordability has continued to deteriorate through the start of 2024 for tenants and prospective home buyers alike," she said.

"The outlook for regional housing markets will heavily depend on demographic trends, housing supply, localised economic drivers and the outlook for interest rates."

Rental prices in Batemans Bay continue to increase with data revealing the town experienced the largest quarterly spike in regional Australia.

The median rental price is up six per cent (or $32 per week) according to CoreLogic data.

The median value in the bay decreased through most 2023 but jumped in February, March and especially April - now sitting at $570 per week.

Looking at the changes annually - rent is not as high as the peak of 2022 - though it's almost 35 per cent higher than it was five years ago. In April 2019, the median rental price was less than $400.

For home buyers, the median house price is steady for the quarter at $743,712, and has decreased by two per cent in the past year. In a broader context though, it has risen more than 47 per cent in five years.

Sales for the region are dipping, 478 were recorded for February which is a 24 per cent drop on the five year average.