The research suggested NSW’s towns and cities outside of Sydney and Wollongong led the country for growth in real estate transaction activity — a precursor to hikes in home prices.
Strong growth in Newcastle prices is spreading to surrounding areas in the Hunter Region. Picture: Peter Lorimer Source: News Corp Australia
Regional markets where transactions shot up over the past 18 months included the Hunter Valley, Tamworth, Wagga Wagga and Lake Macquarie.
Trinity Point, a development in the Lake Macquarie area. Source: Supplied
The Queanbeyan-Palerang region on the part of NSW bordering the ACT was also a strong growth market, according to the Price Predictor Index released by Hotspotting.com.au.
“In terms of growth, regional NSW has a lot more to offer investors now than Sydney does,” the report said.
The Hunter Region, including the surrounds of Newcastle such as Lake Macquarie, Maitland, Cessnock, Singleton and Muswellbrook, was currently the country’s standout area for growth potential, according to Hotspotting.
Tamworth’s improving economy is expected to push up home prices. Picture: Tourism NSW Source: Supplied
A range of Newcastle suburbs recorded double-digit growth in median house prices over the past year, often at more than 20 per cent, industry figures showed.
“We expect this growth to ripple out to some of Newcastle’s near neighbours,” the report said.
Queanbeyan prices were expected to surge due to demand from buyers looking for a more affordable alternative to Canberra.
Sydney prices, on the other hand, have dropped marginally over the past year, while growth has slowed in Melbourne.
Tamworth and Wagga and Wagga, meanwhile, were anticipated to see strong growth in home prices because of their improving economies and infrastructure improvements driving up housing demand.
Hotspotting said other markets with above average price growth prospects were Dubbo, Goulburn, Ballina, Coffs Harbour, Port Macquarie, Bathurst, Orange, Albury and the Tweed region.
Conversely, demand was levelling out in Wollongong, Port Macquarie, Coffs Harbour and the Southern Highlands.
POSTED: March 28, 2018
AUTHOR: Aidan Devine
@Jurds Real Estate – Cessnock and Hunter Valley Wine Country Property Experts – the place to buy, sell and lease property in Cessnock and the Hunter Region.