A recent survey of sales activity has revealed the top NSW regions with the greatest growth potential following a record year for property prices. The summer price predictor index identified 172 locations with rising property prices and sales activity. Terry Ryder is an Australian Property Analyst for hotspotting.com.au, Terry believes the summer price predictor offers great insight for predicting future price movements in NSW.
Mr. Ryder said in 2021 the number of rising house markets per quarter had tripled compared to the pre-2021 average, with the Hunter Region “a standout performer on sales activity”.
All six suburbs in the Cessnock region and all three suburbs in Singleton were all classified as rising markets by the report. In Maitland 7 out of the 11 suburbs were considered to have good future growth potential. Realestate.com.au data puts Cessnock median house value at $490,000 and its median rent at $400 per week, delivering a 4.2 per cent yield.
Other regions in NSW have also experienced surging property prices including Lismore, Albury and Clarence Valley. At the time of the report, Lismore’s median house price was $390,000 while all five suburbs were ranked as growth markets. Considering Lismore is just a 45-minute drive to Byron Bay it has a much lower entry point than the multi-million dollar median of Byron while still having plenty of lifestyle potential. Lismore is also home to the main campus of Southern Cross University and realestate.com.au considers it a high demand market.
The Central Coast continued as one of the most prominent regions in NSW with 23 suburbs considered rising markets while the boom centres of Byron Bay, Ballina and Shellharbour have been considered to be past their peaks based on sales activity data. The majority of regional NSW areas performed well in terms of price growth over the last year.
“Our analysis has found 97 per cent of house markets and 88 per cent of units markets have had annual growth in their median prices,” Mr Ryder said. “There are 89 locations in regional NSW which have had growth in their median house prices above 20 per cent, compared with 57 in the Sydney metropolitan area.”
The most notable rises included Byron Bay where the median price rose 48 per cent over the last year to 2,475,000 and also the central coast suburbs of Avoca Beach, Ettalong Beach, Gwandalan, Terrigal, Kincumber and Wamberal which all rose 30-33 per cent.