Areas in regional NSW – rising or declining?

We break down the report and look at how properties in regional NSW are faring below:

Albury – declining

Albury’s median house price declined over the quarter by a substantial 9.3 per cent, and by 4.2 per cent over the year to $299,225.

Median house rents however were stable and held for the quarter and last year at $300.

“A lower period of activity affected the local market in Albury, prompting a notable decrease in prices over the June quarter,” said Dr Andrew Wilson, chief economist at Domain.

“Steady rental prices over the quarter and the past year is welcome news for local tenants.”

Armidale Dumaresq – rising

Median house prices in Armidale Dumaresq rose over the quarter by 7.5 per cent, yet declined over the last year by 2.4 per cent to $352,500.

Median house rents did not fare too well, declining by 2.9 per cent over both the quarter and the last year to $330 per week.

“Armidale Dumaresq is beginning to show positive signs of growth over the June quarter,” Dr Wilson said.

“The coming months will reveal whether this growth will be sustained.”

Ballina – rising

Ballina’s median house price rose by 9.6 per cent over the quarter, and by 13.4 per cent over the year to a record high of $597,500.

Median house rents rose slightly by 0.5 per cent over the quarter and by 7.1 per cent over the year to $483 per week.

“Demand for property in the Ballina region continues to grow as buyers seek a coastal lifestyle, in reasonable proximity to Byron Bay,” said Dr Wilson.

Bathurst – rising

Median house prices in Bathurst rose by 1.7 per cent over the quarter and by 8.3 per cent over the year to $417,000.

Median house rents held steady over both the quarter and the last year at $330 per week.

“The Bathurst housing market continued on a path of steady growth this quarter, following an even stronger annual performance,” Dr Wilson noted.

“The region is increasingly drawing in urban buyers looking for a lifestyle change in a semi-rural setting.”

Byron Bay – rising

Byron Bay’s median house prices rose by 7.1 per cent, and a yearly growth of 29.2 per cent, making it the strongest regional NSW area, to $910,000.

Regardless, median house rents declined by 1.5 per cent over the quarter, but rose by 8.3 per cent, to $650 per week.

“Remarkable growth in the Byron Bay housing market reflects the area as one of the most popular coastal destinations in the state,” said Dr Wilson.

“Despite the slight decline in median weekly rents, Byron’s house rental prices are the highest in regional New South Wales, even surpassing the median weekly house rent in Sydney.”

Clarence Valley – rising

Median house prices in Clarence Valley declined by 2.4 per cent over the quarter, yet rose by 9.1 per cent over the last year to $360,000.

Median house rents also saw rises, with 1.3 per cent over the quarter and 10 per cent over the last year, to $385 per week.

“Despite Clarence Valley’s decline in market activity over the June quarter, the region’s annual performance remains strong, indicating that the market can pick up again in the coming months,” Dr Wilson explained.

Coffs Harbour – rising

Coffs Harbour median house prices rose over the quarter by 7.3 per cent and over the last year by 12.5 per cent to $486,000.

Median weekly house rents held both over the quarter and the year at $400.

“Buyer and seller activity continues to flourish in Coffs Harbour. Coastal regions are high in demand, suggesting that Coffs Harbour will remain on a steady path of growth this year,” said Dr Wilson.

Dubbo – declining

Dubbo’s median house prices declined by 8 per cent over the quarter, and by 2.1 per cent over the last year to $337,750.

However, median house rents rose 3 per cent over the last year to $340 per week.

“Although Dubbo’s housing market activity has declined over the June quarter, the region remains a sought-after destination for Sydney buyers exploring regional markets, which may contribute to price growth in the coming months,” Dr Wilson said.

Eurobodalla – rising

Median house prices in Eurobodalla rose by 1.6 per cent over the quarter, and by 13.4 per cent over the last year to $445,000.

Median house rents follow the trend, rising by 0.6 per cent over the quarter and by 14.3 per cent over the last year to $400.

“South coast markets continue to rise with Eurobodalla hitting a record high median, over the June quarter,” said Dr Wilson.

“With rents also on the rise, market factors point to a busy Spring season ahead.”

Great Lakes – rising

Great Lakes’ median house prices declined by 5.6 per cent over the quarter, but rose by 9.9 per cent over the last year, to $485,000.

Median house rents saw more consistent growth, rising 2.7 per cent over the quarter and by 5.6 per cent over the last year, to $380 per week.

“In contrast to a slow quarter, the Great Lakes market had a strong year of buying and selling activity,” Dr Wilson said.

“Its thriving local economy and desirable location put the region in a good position to return to growth in the coming months.”

Lismore – rising

Median house prices in Lismore housing rose over the quarter by 6.4 per cent, and similarly rose over the last year by 6.3 per cent to $372,000.

Median house rents in Lismore also rose by 0.7 per cent over the quarter and by 1.4 per cent over the last year to $355 per week.

“Lismore’s housing market continued to rise this quarter, likely a result of the region’s burgeoning local economy,” said Dr Wilson.

Newcastle – rising

Newcastle’s median house price rose by 9.7 per cent over the quarter and by a whopping 23.5 per cent growth over the last year to $620,000.

Median house rents also rose by 1.2 per cent over the quarter and by 5 per cent over the last year to $420 per week.

“Boom time conditions characterised the Newcastle housing market over the June quarter, with the median house price now well over $600,000,” Dr Wilson said.

“Buyer and seller momentum points to further growth ahead.”

Orange – rising

Median house prices in Orange rose over the quarter by 7.2 per cent and over the last year by 11.8 per cent to $370,000.

Median house rents have held over the quarter, and rose over the last year by 1.5 per cent to $335 per week.

“After a period of relatively subdued buyer activity, the Orange region is now in revival mode,” said Dr Wilson.

“The robust house price and rental growth over the quarter is a positive sign for the remainder of the year.”

Port Macquarie – rising

Port Macquarie’s median house prices declined over the quarter, but have risen over the last year by 7.3 per cent to $499,000.

Median house rents rose over both the quarter and the last year to 1.2 per cent 3.7 per cent respectively, at $425 per week.

“The slight fall in the Port Macquarie market this quarter follows a year of healthy growth,” Dr Wilson said.

“The region has long been a favourite spot for retirees, which suggests market activity will stabilise shortly.”

Richmond Valley – declining

Median house prices in Richmond Valley declined sharply at 16.5 per cent, yet is still rising when compared to last year at 4.7 per cent, to $265,500.

Median house rents held over the quarter, but have risen by 10.3 per cent over the last year to $320 per week.

“The sharp decline in Richmond Valley’s housing market this quarter is in contrast with its annual performance,” said Dr Wilson.

“The number of new developments in the area may support the market moving forward.”

Shellharbour – rising

Shellharbour’s median house prices rose by 6.6 per cent over the quarter and by 17.3 per cent over the last year to a record of $645,000.

Median house rents rose to a lesser degree, by 2.1 per cent over the quarter and by 4.3 per cent over the last year to $480 per week.

“Rising demand continues to fuel regions south of Sydney. Shellharbour’s healthy growth will likely continue to draw buyers in,” Dr Wilson said.

Shoalhaven – rising

Median house prices in Shoalhaven rose by 2.3 per cent over the quarter, and by 17.8 per cent over the last year, to $537,000.

Median house rents also rose, by 4.9 per cent over the quarter and by 22.9 per cent over the last year, the highest median house rent for the year of all the regional NSW areas, to $430.

“The Shoalhaven market has recorded another solid quarter of growth. Its remarkable annual increase in house and rental prices indicates that the region is a sought-after destination for lifestyle buyers looking for a sea change,” said Dr Wilson.

Tamworth – rising

Tamworth’s median house price rose by 2.2 per cent over the quarter and the year to $332,000.

Median house rents held over the quarter, and rose by 3 per cent over the year, to $340 per week.

“The Tamworth market continues to benefit from local economic activity. This quarter’s growth suggests there could be further price growth in the year ahead,” Dr Wilson said.

Tweed – rising

Median house prices in Tweed rose by 2.7 per cent over the quarter, and by 14.3 per cent over the last year, to an area record of $580,000.

Median house rents also rose by 2 per cent over the quarter and by 11.1 per cent over the last year, to $500 per week.

“The Tweed property market continues to grow, suggesting that buyer interest in the area will continue throughout the year,” said Dr Wilson.

Wagga Wagga – rising

Wagga Wagga’s median house prices rose marginally by 0.6 per cent over the quarter and by 1.4 per cent over the year to $342,000.

Median house rents held over the quarter and rose by 3.1 per cent over the last year to $330 per week.

“Following slow buyer activity in the region, the recent growth of the Wagga Wagga housing market is an early indication of a revival heading into Spring,” Dr Wilson said.

Wingecarribee – rising

Median house prices in Wingecarribee rose by 2.6 per cent over the quarter and by 18.5 per cent over the year to $800,000.

Median house rents declined by 1 per cent over the quarter, yet held over the year to $495 per week.

“Wingecarribee’s property market continues to grow with strong buyer demand pushing up median house prices,” said Dr Wilson.

“All signs point to further growth throughout the region in 2017.”

Wollongong – rising

Wollongong’s median house price rose by 5.7 per cent over the quarter and by 18.8 per cent over the last year, to the new area record of $760,000.

Median house rents held over the quarter, and rose over the last year 4.2 per cent, to $500 per week.

“Wollongong has recorded yet another strong result, both quarterly and annually,” Dr Wilson said.

“A growing number of people are choosing coastal towns over urban city life, a positive indication for future growth in Wollongong.”