HOUSE prices in Young have risen by 8.1 percent in the last five years and 1.5 percent in the last six months, according to the Domain Regional House Price Report.
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The median house price in Young was $250,000, which was 1 per cent higher than 12 months ago, according to Domain.
Domain chief economist Dr Andrew Wilson said the result for Young bucked the reflected general trend for regional NSW that saw Orange house prices fall by 4.2 percent and Wagga Wagga's drop 3.9 percent.
“After a year of steady growth, Young median house prices increased slightly over the March quarter to $250,000," Dr Wilson said.
"The region's local economy may continue to bolster price growth throughout 2017.
"The March quarter was traditionally a slower one because of the holiday period in January."
Dr Wilson said Young house prices are affordable compared to capital cities and other regional centres.
“We are still seeing house prices rise in Sydney with the median at $1.15 million and Dubbo's median price sitting at $355,000, so Young is remarkably affordable, with the median price sitting at $250,000,” he said.
“We may even see potential homebuyers from Sydney or Canberra where the median price is sitting at $705,059 looking at markets like Young because it has that affordability.”
Young house prices are affordable.
- Dr Andrew Wilson
Young Real Estate agent John R Barton said he would place the median price of houses in Young at around $230,000.
"House prices have been very affordable for about five years and there has been a resurgence in the last 12 months, sales have been very active," he said.
"I have sold properties from about $310,000 to $150,000 in the last three months.
"Most agents used to get listings that sat for three to six months, now people are pricing more competitively and selling them faster.
"The biggest threat to people looking to purchase an affordable house in Young may well be a lack of vacant building blocks, that more than likely will see a rise in house prices."
But Real Estate Institute NSW Orana division’s Bob Berry said he felt quarterly data could be more confusing than useful for homebuyers and investors.
“With the amount of data that is collected now you could create weekly or monthly figures if you wanted to,” he said.
Craig Thomson
I am a media and communications professional with experience across print, digital, social and radio broadcasts. I am currently the Editor of Australian Community Media's Launceston Examiner.
I am a media and communications professional with experience across print, digital, social and radio broadcasts. I am currently the Editor of Australian Community Media's Launceston Examiner.
