Property Prices - The Regional Gap

The cost to live in Sydney keeps going up and lots of younger people as well as Sydneysiders looking at downsizing are moving to regional towns. In line with Sydney regional NSW houses prices nudged downwards recently, but most areas remain much higher than a year ago, as the gap between the cost to buy a home in the regions and Sydney fuels demand. The price of a typical house in regional NSW fell 0.6 per cent ($5000) in the three months to June, to hit $835,000, the latest Domain House Price Report shows.
This ended six consecutive quarters of uninterrupted growth. Annually, gains eased to 7.8 per cent ($60,500), a nine-month low. By contrast, Sydney’s median house price fell by 3.3 per cent ($59,884) over the quarter to $1,733,891 and rose 1.1 per cent on an annual basis. Leading regional gains was the Broken Hill local government area (LGA), where the median house price surged 30 per cent in 12 months to $260,000. The Armidale Regional LGA followed, up 27.7 per cent to $655,000. Inverell also notched steep climbs, up 25.3 per cent to $475,000, and Dubbo, 18.4 per cent higher to $681,500.

In local news premium sales are still going strong. 30A Beatty St Balgowlah Heights on Forty Baskets Beach l believe sold in the range of $17,500,000 last week. A great result.