NEW SOUTH WALES
SYDNEY AND REGIONAL NEW SOUTH WALES PRICES ROAR AHEAD
Conditions are roaring ahead across New South Wales . So far this year , Sydney has seen the strongest price growth of all capital cities , although year on year growth is below smaller cities due to much slower conditions early on in the pandemic . Meanwhile , regional New South Wales has seen the most growth of all regional Australia , benefitting from a range of factors such as lifestyle shifts , strong mining conditions and a rebounding agricultural sector .
At a more localised level , the strength across a wide range of different parts of the state becomes more apparent . The Byron Bay region has topped the list with the median across the entire Local Government Area ( LGA ) hitting well over $ 1 million after seeing over 30 per cent growth over the past 12 months . Byron Bay itself meanwhile hit a $ 2 million median . While northern New South Wales was a particularly strong performer , beachside southern regions also did well . Kiama on the south coast of the state is also seeing strong growth .
Outside of luxury urban and regional locations , agriculture has boosted pricing in most of the other locations . While this is the case , tourism growth and likely demand for second homes , has also given the area a boost .
Ray White data on the suburbs that are most highly contested at auction shows that within Sydney , the desire for both high end locations , as well as big homes on big blocks remain most highly sought after . For the first half of the year , auctions in Oatlands attracted on average 6.6 active bidders more than double the average for Sydney .
While it ’ s all good news for prices , the rental market in New South Wales remains more mixed . Houses across the state are seeing very strong rental increases , while apartments in regional areas are also seeing growth . In Sydney however , rents for apartments continue to fall and the falls are primarily concentrated in inner Sydney , particularly areas that have seen high levels of new developments and are reliant on foreign students .
While luxury regional locations such as Byron Bay and What ’ s the outlook for Sydney and regional New South Kiama are seeing strong conditions , so too are luxury urban Wales for the coming months ? For now , it ’ s more of the areas . The LGA of Mosman on the lower north shore of same . Continued price growth and gradual increase in Sydney now has a median price well over $ 4 million and stock levels as we head into spring . At this stage , the main has seen 21.3 per cent price growth . The inner west LGA of change that could derail this would be an interest rate rise . Strathfield saw almost 20 per cent price growth .
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