Domain House Price Report shows Bathurst has most expensive average house costs

MARKET GROWTH: Bathurst may have the most expensive real estate, but it experienced one of the lowest growths. Photo: FILE
MARKET GROWTH: Bathurst may have the most expensive real estate, but it experienced one of the lowest growths. Photo: FILE

BATHURST might have the most expensive average house prices in the Central West, but homes in Wellington have experienced the steepest price growth in the past 12 months, new data shows.

The Domain House Price Report released on Thursday shows the average house prices for local government areas across the region in June 2018 and how much they have grown in the past year.

Bathurst topped this list for the most expensive median house price at $429,000, followed by Orange at $405,000, Mudgee at $386,500 and Dubbo at $370,000.

This was followed Oberon ($317,500), Blayney ($285,000), Young ($280,000), Forbes ($275,000), Parkes ($260,000), Cowra ($255,000), Narromine ($232,000) and Wellington ($186,250).

And while Wellington might be the cheapest place to live across the region, the town experienced the biggest growth during the past 12 months, with a 16.8 per cent jump in the median cost of buying a home.

Orange also experienced a substantial jump in median house prices, rising by 12.5 per cent in one year – from $360,000 to $405,000.

Among the other locations to experience an increase in the average cost of a home were Forbes which was up 8.4 per cent to $275,000, Young jumped 7.7 per cent to $280,000, and Cowra where prices increased by 6.5 per cent to $255,000.

And while Wellington might be the cheapest place to live across the region, the town experienced the biggest growth during the past 12 months, with a 16.8 per cent jump in the median cost of buying a home.

By comparison, Bathurst’s average house price increased by four per cent, Dubbo by 5.4 per cent, Mudgee by 3.2 per cent and Oberon by 5.8 per cent.

All other locations increased, except for Parkes which dropped by three percent – from $267,800 to $260,000.

The Domain data also revealed a shrinking Sydney house market, with prices falling 1.4 per cent over the June quarter, reaching a median of $1,144,217.

This was the second consecutive quarter of house price declines for the capital city, with the median dropping 4.5 per cent year-on-year.