Property hotspot remains despite decreased sales
One region in NSW is attracting an increase in interest from both investors and owner-occupiers.
The Maitland Local Government Area in the Hunter Valley remains a hotspot for investors despite softer resource prices, according to PRDnationwide research.
PRDnationwide Research Analyst, Oded Reuveni-Etzioni, said house enquiries were up from the spring season in 2011, despite an overall decline in sales activity.
"The LGA recorded 524 house transactions in the six months to August 2012, representing a decline of 16% from the same period in 2011. This figure was lower than the long term average of 589 transactions per six month period, which included the August 2009 and February 2011 peak selling periods," he said.
According to Mr Reuveni-Etzioni, anecdotal evidence points to buyers preferring new homes in established suburbs over new land estates, and this is seen by the falling stock on the market in existing areas and soft sales activity in many new subdivisions.
He said the median house price increased by 1.7% in the 12 months to August 2012, closing the period at $363,000.
"The price recorded little change since the beginning of 2011, as the market consolidated after strong period of growth in the two years to February 2011," he said.