‘Craziness’: Regional NSW house prices outpace Sydney’s growth | Domaincomau
Median house prices jumped by at least 20 per cent annually in 45 regional NSW council areas.
Median house prices in the majority of regional NSW council areas jumped 20 per cent over the year to March, Domain’s latest House Price Report revealed, with price growth fuelled by ongoing demand from sea and tree changers and low interest rates. It was followed by the Kiama, Lismore and Byron local government areas, where house prices lifted more than 40 per cent. Median house prices in Kiama and Byron jumped by $500,000 and $550,000 respectively, and are higher than Greater Sydney’s median of about $1.59 million., lifting a marginal 0.2 per cent, the median for the rest of NSW lifted 2.8 per cent and is up about 28 per cent for the year — outstripping Sydney’s annual growth of 21 per cent — to hit $730,000.
“[There’s a] need to address the supply side in these regional areas, to look at land releases and how [governments] are going to address the affordability of new supply,” Powell said. In the Snowy Monaro region, covering towns like Jindabyne, Thredbo, Berridale and Cooma, price growth was fuelled by increased demand from tree changers and holiday home buyers, said Michael Henley, director of Henley Property.
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