IN just three months, Bathurst’s median house price has risen 2.8 per cent to $429,000.
The figure was revealed as part of Domain’s regional State of the Market Report for the September quarter.
It also showed that the city’s median house price had risen 9.9 per cent over the past 12 months, indicating more growth was on the cards for Bathurst.
“Following a promising June quarter, Bathurst continues to show positive signs and it’s likely that price growth will continue on an upward trajectory,” Domain chief economist Dr Andrew Wilson said.
Ray White Emms Mooney sales specialist Mark Sullivan said his experience with the market in recent months had reflected the price rise, but buyers needed to be aware of the price variations in different suburbs.
“Just a median number can be misleading. Kelso is a prime example,” he said.
“The stats just bundle the whole suburb into the one median. However, locals know there are many estates in Kelso from Laffing Waters, to Marsden Estate, to Trinity Heights, Ashworth Estate and other parts of Kelso.”
Mr Sullivan was able to break down the values for each suburb with his agency’s data and found that some had experienced huge growth over the past 12 months, while others slowed.
He said Trinity Heights and Marsden Estate were up by 14 per cent, while Llanarth was up by 12.6 per cent.
West Bathurst and Robin Hill had seen a decrease in growth between -2.5 per cent and -3.5 per cent.
Interestingly, these two suburbs offer the lowest and highest residential median prices out of Bathurst’s suburbs, at $312,000 and $695,000 respectively.
Mr Sullivan said that, despite the increase in Bathurst’s median house price, buyers were still very fortunate as prices still remain very affordable.
Mr Sullivan predicted the median house price would continue to grow as Bathurst has a lot to offer, including low unemployment, water security and proximity to Sydney.
Now that spring is well and truly underway, properties are starting to sell quite quickly.
Mr Sullivan said that properties marketed well, reasonably priced and in a good location continue to sell quickly.
He advised buyers to make their move fast if they want to secure their dream home.
“There is not a shortage of properties for sale however there is also not a glut,” Mr Sullivan said.
“This means that if buyers find a property that suits their needs, they should act quickly and make an offer.
“Don't be afraid to make an offer on any property that is on the market even via auction, as many vendors will accept an offer prior to auction day, especially if it is an unconditional offer.
“Buyers need to remember that they are looking for property in competition with other buyers.”
Bathurst’s residential median house prices by suburb:
- Robin Hill – $695,000
- Llanarth – $546,250
- Windradyne – $430,000
- Abercrombie – $438,000
- Bathurst – $382,500
- Kelso – $440,000
- Eglinton – $443,700
- South Bx – $328,000
- West Bx – $312,000