Property prices in regional New South Wales soared up to almost 20 per cent in the year to March 2017, reflecting the decisions by growing numbers to seek a more affordable lifestyle.
Wollongong lead the way, with the median house price rising 3.9 per cent in the March quarter to $722,000, making exceptionally strong annual growth of 19.3 per cent for the year.
“Very strong price growth and a steady momentum of housing market activity continues to solidify Wollongong as one of NSW’s most popular coastal regions. Wollongong has again produced the strongest result of all major regional markets across Australia,” said Domain Chief Economist, Dr Andrew Wilson.
Newcastle's median house price increased by 5.8 per cent in the March quarter to $570,000, making annual growth of 16.3 per cent.
“Newcastle’s booming property market continues to grow with strong buyer demand pushing up the median house price. All signs point to steady growth throughout the region in 2017,” said Wilson.
Property prices in the Clarence Valley, which takes in Angourie, Yamba, Grafton, and the Clarence River, rose 4.9 per cent during the quarter to $376,500. The quarterly gain makes an annual increase of 15.8 per cent.
“Clarence Valley’s recent property boom has extended into the March quarter as the region continues to attract NSW buyers looking for a riverfront destination,” said Wilson.
Growth in regional areas of Queensland and Victoria was not so strong.
In Queensland, growth in regional centres was down sharply in some areas, particularly in mining-affected Mackay, where prices were down 10.3 per cent for the year.
Growth in regional areas of Victoria was modest. Geelong recording the strongest annual growth with a rate of 7.7 per cent.
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