The surprising NSW tree-change towns where house prices rose most
After clocking up house price growth of 5.3 per cent over the year to June – the biggest jump in about three years and overtaking Sydney's 4.2 per cent annual house price rise – buyers are having to look even further afield for affordable regional options, the latest Domain House Price Report, released on Thursday, reveals.
As a result, the five areas where housing prices have jumped the most because of a surge in demand all have median house prices at the comparatively inexpensive sweet spot between $560,000 and almost $670,000.
'These areas are now proving attractive to home buyers and metropolitan investors because they are the most affordable locations,' said Domain's chief of research and economics Dr Nicola Powell.
'We're seeing a clear acceleration in price in the NSW regions with a 2.6 per cent rise in the last quarter alone, which is the same as in Sydney. Interest rate cuts are giving people more confidence and boosting the housing market everywhere.'
It means some of our most overlooked regional areas are now winning fresh attention. Fifty years ago, for instance, the NSW Upper Hunter coal town of Muswellbrook grabbed global headlines when it was referenced by American rock band Steely Dan in their hit song Black Friday as somewhere to go to get lost forever.
Today, however, it has recorded the biggest house price growth of all the regions in the state, adding 18.2 per cent over the past year to a median of $585,000.
'For a long time Muswellbrook suffered from a cringe factor from the cities and metropolitan areas,' said local First National agent Tony McTaggart. 'As a result it's always been undervalued.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
an hour ago
- West Australian
Revealed: The exact number of Broome rentals given over to short-term lets
Short-term rentals now account for more than 4 per cent of Broome's housing supply, according to data revealed by the State Government for the first time. Data from the State Government's new STRA register and heat map which records all registered such properties in the State show there are 125 short-term rentals across the wider Kimberley and 110 properties listed in Broome, or nearly nine in 10 of the regional total. Further analysis from the Kimberley Development Commission shows that 52 per cent of all private dwellings in Broome are rentals — 2674 out of 5140 — meaning STRAs now make up just more than 4 per cent of the entire rental pool. The number of Kimberley STRAs accounts for just over one per cent of the Statewide STRA pool. Consumer Protection commissioner Trish Blake said the STRA Register gave local communities much-needed certainty. 'The expansion of the STRA sector has created unintended consequences for communities and it has been very difficult to undertake meaningful analysis due to the lack of clear data,' she said. 'Now, with the STRA register, residents can now easily see the presence and density of STRA properties in their neighbourhood, fostering transparency and accountability. 'Local governments can also access data on STRA properties in their area, meaning they can make informed decisions to manage how they operate in local communities.' The State Government introduced an STRA Incentive Scheme in November 2023, which offers $10,000 grants to owners who secure new tenants with minimum 12-month leases in their rental properties. Since the scheme's launch, 487 short-stay properties were added to the long-term rental market. Applications for the scheme are open until the end of 2025. Meanwhile, new property data from Domain shows Broome remains one of the most expensive regional housing markets in WA, despite broader affordability concerns. The median house price in Broome climbed to $765,000 in June, up 11.8 per cent over the year and 75.9 per cent in the past five years. That places Broome behind only Fremantle, Augusta-Margaret River and Busselton for the highest regional house prices in the State. However, in Kununurra the median house price has slightly decreased over the past year by 1.1 per cent to $450,000. Across regional WA, the median house price rose 2.5 per cent over the June quarter to $610,000, with annual growth sitting at 17.5 per cent. 'The housing market continues to outperform expectations, despite cost-of-living concerns and economic uncertainty,' Domain chief of research and economics Dr Nicola Powell said. 'But the road ahead may be uneven. Next month's RBA decision will be one to watch — another rate cut could expand borrowing capacity, though regulators may tread carefully if investor activity accelerates. 'Supply remains the key wildcard. We're still not building fast enough to meet population growth. Without a substantial boost in new housing, price pressures will remain, regardless of further rate cuts.'
The Age
an hour ago
- The Age
EU and US agree to trade deal with 15% tariffs for European exports
Frankfurt: The European Union has ended months of dispute with US President Donald Trump by accepting a deal that imposes 15 per cent tariffs on billions of dollars in exports, submitting to the terms out of concern he might otherwise punish Europe with higher penalties. The outcome appears set to lift prices for American consumers and hurt sales for European exporters, in the latest example of global brinksmanship as Trump forces tariffs on major economies in the hope of raising huge sums of revenue for the US government. In a surprise addition to the deal, the EU agreed to buy energy worth $US750 billion from the US over the years ahead – part of the bloc's broader objective of reducing reliance on Russian gas. Trump said the EU would also invest $US600 billion more in the US economy, echoing a vague investment pledge in a trade deal with Japan last week. The deal was unveiled in Scotland on Sunday during Trump's visit to his golf estates, as hundreds of protesters gathered to object to his visit, while supporters chanted his name outside some of his events. Loading 'I think this is the biggest deal ever made,' Trump told reporters after he emerged from talks with European Commission President Ursula von der Leyen. European industries were divided on the trade dispute over recent weeks, with German car makers anxious to gain a deal because of the threat to their sales from even higher tariffs, while French industry canvassed retaliation against US demands. Von der Leyen confirmed the 15 per cent tariff applied 'across the board' and framed the outcome as a win for stability.
Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
Slice of history: Local family shells out $3m for antique-filled abandoned home
He said the house was last lived in by a family member in the '90s, who passed away. Since then, it had remained empty 'for no real reason'. 'It was such a cherished asset, and it took a long time for them to decide to sell it,' he said. When the time came to put it on the market, Hadgelias said it took one crew two weeks to get the abandoned abode inspection-ready. 'There was a lot of stuff in there – bits and pieces with dates on them from the '60s, '70s and '80s,' he said. 'Surprisingly, the paintwork wasn't too bad inside, even if it was on the outside.' The house was also packed with old furniture, attracting antique hunters hoping to score forgotten treasures. 'The vendors will now get to decide what they want to keep, and then they can sell the rest,' he said. Loading The house was among 177 scheduled auctions across Brisbane last week. By Saturday evening, Domain recorded a preliminary clearance rate of 56 per cent from 107 reported results, with 11 auctions withdrawn. In New Farm, another rare piece of Brisbane history – this one tied to former Queensland Premier Joh Bjelke-Petersen through family lineage – sold for $4.575 million, just over the undisclosed reserve. The four-bedroom home, at 3 Mark Street, was offered to the market for the first time since it was built in 1890. Set on a prime 810-square-metre block near the James Street precinct, the iconic residence features a wraparound veranda, timber floors, a generations-old poinciana tree and even the original outhouse. Thirteen bidders registered, while seven were active. A local family hoping to renovate the home kicked things off at $3 million, with the price quickly soaring to $4.3 million. It was then called on the market, leading to a final bidding battle between the family and an expat returning from the UK. In the end the expat walked away with the keys. Selling agent Heath Williams, of Place New Farm, said the home drew strong interest, with dozens of buyers inspecting and a huge crowd turning out to watch the historic sale unfold. 'It was a pretty rare listing – there aren't many blocks this size (in New Farm) … and it was a near flat block too,' he said. 'But the market is also interesting right now – previously, renovators weren't the flavour of the month.' He said a new build on a similar block nearby recently sold for just $800,000 more - showing buyers were again willing to invest in fixer-uppers. Over in Holland Park, a couple of investors paid $1.366 million for a five-bedroom post-war home they hadn't even inspected. The property at 57 Layard Street sits on a 617-square-metre block and includes a fully self-contained downstairs space. Four bidders competed, with a Toowoomba family looking to relocate to Brisbane opening the auction at $1 million. 'It was pretty competitive until $1.32 million, at which point we were above the reserve,' said co-selling agent Patrick Goldsworthy, of Place Estate Agents Bulimba. Loading 'Then there were just two buyers left battling it out until the end, but the investors got it. And they were really nonchalant and would have happily kept going. 'The fact that it sold for $60,000 over the reserve just shows the value of Holland Park.' The couple saw the property for the first time mere minutes before the auction. 'It was actually her birthday and she said it was a bit of a gift to herself,' Goldsworthy said. 'After the auction, they even asked me if they could take a bit more of a look around.' He added the vendors had owned the home for 11 years and were making a 'tree change' to the Sunshine Coast. Ray White chief economist Nerida Conisbee said Brisbane's auction results showed strong momentum, with their internal clearance rate hitting 87 per cent. 'That's up from 64.3 per cent last year,' she said. 'It tells us people have shrugged off the interest rate hold and that they're expecting a cut in two weeks.' The only headwind, she said, remained a significant shortage of listings, though she expected a spring surge.
