NSW regions at the top of HTW property clock for houses in April
New South Wales continues to remain at the peak of market, with the Central Coast, Coffs Harbour and Newcastle at the top of valuation firm Herron Todd White’s (HTW) latest National Property Clock for houses in April.
NSW continues to dominate even in ‘approaching the peak market’ position with Sydney and NSW North Coast the new entrants, highlighting just how hot the property market is in the state.
The bottom is made up by Darwin, Gladstone and Mackay, while approaching the bottom are Perth, Alice Springs, Gippsland and Rockhampton.
NSW Central Coast
By far, the strongest performing location in the region both now and for the past several years has to be peninsula suburbs at the southern end of the region. This includes Umina Beach, Woy Woy and Ettalong with records being set and broken in very short periods of time.
“Almost daily, we talk to people and hear the surprise at the prices being paid,” says the HTW update.
These areas have become a magnet for renovators, value adders with those looking to exit the Sydney market finding these areas particularly attractive due to the comparative level of affordability, says HTW.
“It’s this exodus from the Sydney market that is seen to be driving the values in these locations.”
Prices have rocketed past the $700,000 mark when the same property could have been purchased for much less just a few short years ago.
Newcastle
The Newcastle market is the strongest it has been in quite a while.
Recently there has been plenty of media attention repeating the mantra that Newcastle is an up-and-coming Sydney, with less population, less gridlock and lower property prices.
Agents are fielding plenty of enquiries from out of town buyers and they can definitely compete favourably with the locals at auctions; when you sell your property at Sydney prices, its gives you plenty of dollars to spend at Newcastle prices.
Take for example Mayfield East; houses in this suburb have smashed through the $500,000 barrier and powered up to join neighbouring suburbs in the $600,000 to $700,000 range, say HTW.
Property Observer found a three-bedroom house (pictured below) in the suburb that recently changed hands for $670,000.
The address is 34 Kitchener Parade, Mayfield East, NSW 2304.
Coffs Harbour
The Coffs Coast is known for its lifestyle benefits with demand traditionally being driven by population growth from retirees and more significantly families moving from the southern regions looking for a more affordable and relaxed lifestyle.
The appeal of the area is a reflection of the climate, attractive nature of the locality including its many beaches and diversity of housing product close to the coast with good regional facilities.
These features make the area a popular tourist destination with various larger scale resort developments located in the northern section of the town.
“Due to the geographical features of the area, supply is generally in the coastal localities and it is no surprise this is where we see the strongest levels of demand,” say HTW.
The northern beach localities of Sapphire Beach, Moonee Beach, Emerald Beach, Safety Beach and Woolgoolga have all been strong performers in recent times which is a reflection of the increasing demand brought about due to these lifestyle factors, good level of services available, easy access to the main centre of Coffs Harbour, continuing low interest rates and decreasing supply of product.
This has resulted in significant increases in values over the past 12 months and it is becoming increasingly more difficult to find quality property within the affordable sub $500,000 market. As a result, the secondary or cheaper beach side locations of Sandy Beach and Corindi Beach have now also increased in popularity and value accordingly.
Centrally, the sought after beach side suburbs within Coffs Harbour of Diggers Beach, The Jetty and Sawtell are the best performers in terms of strong capital growth. There is a mix of residential properties available appealing to a wide variety of purchasers looking for lower end units in the $275,000 to $350,000 range to the high end prestige properties in excess of $1 million.
To illustrate the point, Property Observer found a two-bedroom house at 28 Eleventh Avenue, Sawtell, NSW 2452 (pictured below) that recently sold for $624,000.
