Where can I find my first home

The ‘push to the bush’: NSW regional house prices outpacing Sydney

The shock waves from Sydney’s perpetually booming market are being felt in regional NSW, with price growth in our regional towns now outpacing the harbour city.

Over the June quarter house prices in regional NSW jumped a bullish $13,000 to an all-time high of $475,000 – up $40,000 over the year.

And while the regional areas’ combined median is less than half the harbour city’s $1.17 million price tag, the good news for buyers ends there. Analysis of house price data and Australian Bureau of Statistics loan figures shows half of all regional centres in NSW are out of reach for the average first home buyer.

Of 22 regional towns recorded in the Domain State of the Market Report, 11 of them have median house prices higher than $450,000 – the average purchase price for a first home buyer, based on official loan statistics and assuming a 20 per cent deposit.

Many of these areas have seen prices surge by double digits in the past 12 months.

“Everything gets pushed out, like musical chairs, when prices go up … people keep moving further out until they find something they can afford.”

Terry Rawnsley, SGS Economics & Planning

The cost of buying in country NSW

Under a first-home buyer budget

2017

2016

Regional city       June 2017            Distance from Sydney (Kms)       12 month growth

Albury   $299,225              560         -4.2%

Armidale Dumaresq        $352,500              480         -2.4%

Bathurst               $417,000              200         8.3%

Clarence Valley $360,000              670         9.1%

Dubbo  $337,750              390         -2.1%

Eurobodalla        $445,000              340         13.4%

Lismore                $372,000              740         6.3%

Orange $370,000              250         11.8%

Richmond Valley              $265,500              700         4.7%

Tamworth Regional         $332,000              400         2.2%

Wagga Wagga    $342,000              460         1.4%

More than a first-home buyer budget

2017

2016

Regional city       June 2017            Distance from Sydney (Kms)       12 month growth

Ballina   $597,500              750         13.4%

Byron    $910,000              780         29.2%

Coffs Harbour    $486,500              530         12.5%

Great Lakes        $485,000              250         9.9%

Newcastle           $620,000              170         23.5%

Port Macquarie-Hastings              $499,000              390         7.3%

Shellharbour      $645,000              110         17.3%

Shoalhaven        $537,000              210         17.8%

Tweed  $580,000              830         14.3%

Wingecarribee  $800,000              140         18.5%

Wollongong        $760,000              100         18.8%

Source ( Domain )