When it comes to finding the perfect neighbourhood, factors like housing values, affordability and community amenities play a significant role. In this article, we'll take a closer look at the top up-and-coming neighbourhoods in the regions where Greater Bank operates: Central West, Illawarra, Mid North Coast, New England, Central Coast, Northern Rivers and Gold Coast. We'll provide insights into the latest housing market trends and median prices to help you make informed decisions about your next home.
Central West: A Mix of Opportunities
Central West has experienced mixed trends in its housing market. The upper quartile saw a decrease of 9.8% in housing values, while the lower quartile experienced a modest increase of 1.3%. The median house price stands at $557,126 as of July 2023, making it an affordable option for those looking to invest in this beautiful region. For those seeking units, upper quartile unit values declined by 16.9%, while the lower quartile fell by 5.1%, with a median unit price of $406,182.
Illawarra: An Affordable Gem
Illawarra, with a median house price of $965,212, might appear on the expensive side. However, the upper quartile witnessed an 8.7% decrease in housing values, potentially opening up opportunities for buyers. Additionally, the lower quartile saw a 5.6% decrease in housing values. When it comes to units, the lower quartile values increased by 3.4%, offering more affordable options in the market despite the 7.0% drop in the upper quartile. The median unit price is $681,877.
Mid North Coast: Diverse Choices
Mid North Coast is a region that caters to diverse preferences. With a median house price of $751,562, the market provides affordable options for buyers. The upper quartile witnessed an 11.3% decrease in housing values, while the lower quartile fell by 4.1%. For unit seekers, upper quartile values declined by 5.0% and lower quartile values saw a 7.7% drop, with a median unit price of $525,515.
New England: Steady Growth
New England presents a stable housing market with housing values in the upper quartile increasing by 0.2%. However, the lower quartile experienced a decline of 5.0%. The median house price is $422,171, making it an attractive option for buyers. Unfortunately, data on unit values in this region is currently unavailable.
Central Coast: Affordability Amidst Beauty
Central Coast, with a median house price of $865,109, provides a diverse range of options. The upper quartile witnessed a 6.4% decrease in housing values, while the lower quartile fell by 3.7%. For unit buyers, the upper quartile unit values decreased by 1.0% and the lower quartile values saw a 3.6% drop. The median unit price stands at $642,684.
Northern Rivers: A Market in Transition
Northern Rivers, while offering a median house price of $899,408, has seen significant changes in its housing market. The upper quartile experienced a substantial 23.1% decrease in housing values, with the lower quartile declining by 17.9%. For unit seekers, the upper quartile unit values decreased by 14.9%, while the lower quartile values saw a 7.7% drop. The median unit price in this region is $666,710.
Gold Coast: Consistent Opportunities
Gold Coast has remained relatively stable, with a median house price of $1,033,603. The upper quartile housing values declined by 4.4% and the lower quartile values fell by 3.8%. When it comes to units, the upper quartile unit values saw a 3.7% decrease, while the lower quartile values increased by 1.6%. The median unit price stands at $686,041.
In conclusion, Greater Bank's service areas offer a mix of opportunities for homebuyers, with various neighbourhoods showcasing both affordability and potential for investment. The housing market is dynamic and the current trends provide insights into the evolving nature of these regions. Whether you're looking for an affordable family home, a unit investment, or an area with potential for future growth , these regions have something for everyone. It's important to do your research, work with local real estate experts and explore the neighbourhoods personally to find the perfect fit for your next home.
Source: https://www.corelogic.com.au/news-research/reports/regional-market-update
This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.