BATHURST might have the most expensive average house prices in the Central West, but home prices in Cowra soared the highest during the past five years, new data shows.
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The Domain House Price Report, September 2018 was released on Thursday and it shows the average house prices for a number of local government areas in the region and how much they have grown during the past five years.
Bathurst topped the list for the highest prices, with the average home setting people back $446,000, this was followed by Orange ($399,000), Dubbo ($368,700), Cowra ($260,000) and Young ($255,000).
Most of these locations experienced a jump in house prices during the past year with the average cost of a home in Orange rising the most from $370,000 to $399,000 (7.8 per cent).
Home costs also jumped in Dubbo from $350,000 to $368,700 (5.3 per cent), Bathurst $424,500 to $446,000 (5.1 per cent), Cowra $259,000 to $260,000 (0.4 per cent).
The average cost of a home in Young, however, declined in the 12 months to September 2018, with a drop of 3.8 per cent – from $265,000 to $255,000.
Cowra experienced the biggest growth at 44.6 per cent, with the average cost of a home jumping from $179,750 to $260,000 in just five years.
- Domain House Price Report, September 2018
Growth during the past five years in all five locations was significant, data in the Domain House Price Report showed.
Cowra experienced the biggest growth at 44.6 per cent, with the average cost of a home jumping from $179,750 to $260,000 in just five years.
Bathurst came in second for highest growth, with the median house cost jumping 34 per cent, from $332,750 to $446,000.
READ MORE: Open for inspection in Dubbo, October 25-27
In Dubbo, prices jumped 24.7 per cent, from $295,625 to $368,700; in Orange they rose 20.9 per cent from $330,000 to $399,000; while in Young they increased by 20.3 per cent from $212,000 to $255,000 during the five-year period.
The Domain data also revealed the Sydney house market was continuing to shrink, with prices falling 3.1 per cent during the September quarter and 6.5 per cent during the year to $1,101,532.
READ MORE: Domain House Price Report, June 2018
Domain senior research analyst Dr Nicola Powell said Sydney recorded the largest annual fall in house prices of the capitals.
“While this is the steepest annual fall in more than 20 years, it follows one of the largest price upswings on record,” she said.
“Prices during the boom surged 89.1 per cent in the space of almost six years and since the peak in mid-2017, prices have come back 8.1 per cent.”
Nadine Morton
Nadine Morton covers emergency services and breaking news for the Illawarra Mercury. She takes pride in regional journalism which she believes is crucial to informing our towns and cities. Have a story? Email her at nadine.morton@austcommunitymedia.com.au
Nadine Morton covers emergency services and breaking news for the Illawarra Mercury. She takes pride in regional journalism which she believes is crucial to informing our towns and cities. Have a story? Email her at nadine.morton@austcommunitymedia.com.au
