BATHURST’S median house price has risen again, but the city is still deemed “good value” by real estate agents.
Domain’s Regional State of the Market report for the June quarter has found Bathurst’s median house price has gone up 1.7 per cent to $417,000.
Over the course of 12 months, the city saw a growth rate of 8.3 per cent.
These figures include all property types, not just residential homes.
Domain chief economist Dr Andrew Wilson said the figures showed a steady growth trend for the city.
“The Bathurst housing market continued on a path of steady growth this quarter, following an even stronger annual performance. The region is increasingly drawing in urban buyers looking for a lifestyle change in a semi-rural setting,” he said.
Ray White Emms Mooney sales specialist Mark Sullivan said the Domain data reflected the inquiry and results at his office, where there has been greater interest from Sydney buyers.
“There has been a noticeable shift, being a significant increase in buyer interest from Sydney and metropolitan areas,” he said.
“Two years ago, 20 per cent inquiry of buyers from out of town would have been surprising for a property; now we are not surprised to see 50 per cent of inquiry coming from out of Bathurst.”
Century 21 Bathurst principal Troy Kearney said the growth in the median house price could only mean good things for the city now and into the future.
“I think the growth will continue over the next few years. Even if the Sydney market slows, the regional cities should still grow,” he said.
When compared to other major cities in the Central West, Bathurst had the least amount of growth, but the highest median price.
Orange had a median house price of $370,000, up 7.2 per cent for the June quarter.
Dubbo’s median house price was $337,000, up 8 per cent for the June quarter.
Mr Kearney said Bathurst doesn’t rely on the mining sector, which is why its median house price figures are so different.
The report also gave an insight into rental prices over the June quarter.
Bathurst’s median house rent remained flat both over the June quarter and the year, sitting at $330 per week.
This was lower than Orange and Dubbo, where the medians were $335 and $340 respectively.
These cities also experienced a growth in their median rental prices.
Mr Kearney said renting in Bathurst was “affordable for everyone” and meant that investors would still get a good return on their investment.
Mr Sullivan also felt the situation was good for renters and people with investment properties.
“Bathurst represents good value for money as properties are increasing in value per annum and although some rental areas are flat, demand for rentals remains high,” he said.