Newcastle house prices are now climbing at a stratospheric rate, according to data issued on Monday.
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The CoreLogic figures show the median sale price for a detached house in Newcastle and Lake Macquarie increasing by 5.2 per cent in the past three months.
CoreLogic's monthly report puts the median across the two local government areas at $636,000 in January, up 1.3 per cent on December and 11.2 per cent in the year.
Unit prices jumped 0.3 per cent to $523,000 and are up 2.7 per cent since October.
A separate analysis by Domain, using a different data set, put the median value of a house in the Newcastle LGA at $671,000, up 11.9 per cent in the 2020 calendar year.
The CoreLogic data shows median prices in the rest of the Hunter rising 0.6 per cent in December to $482,000, up 3.8 per cent in three months.
The value of all dwellings in Newcastle and Lake Macquarie, including houses and units, is 4.8 per cent higher than three months ago.
This is well above a national rise of 2.8 per cent but is comparable with the 4.7 per cent jump in regional prices.
Prices in regional NSW and regional Victoria are rising three times faster than in Sydney and Melbourne, supporting anecdotal evidence that city dwellers are looking elsewhere now they can work from home.
"Another broad trend that is becoming increasingly evident is the outperformance of houses over units," CoreLogic analyst Tim Lawless said.
"At a national level, house values have risen by 3.5 per cent over the past six months while unit values are unchanged."
Australian house prices are at record levels, 0.7 per cent above their 2017 peak.
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Michael Parris
Michael Parris reports on politics for the Newcastle Herald. He started at the Herald in 1994 after working in the ABC Newcastle newsroom. Michael spent much of his career as a sub-editor before moving into political reporting in 2017. He was a finalist in the Sports Australia national media awards for his stories about a male-only tennis club in Newcastle. He has covered NSW and federal elections, state and federal budgets and local politics. He has also written extensively about the COVID-19 pandemic with a special focus on data analysis and the effects of lockdowns on the Hunter community.
Michael Parris reports on politics for the Newcastle Herald. He started at the Herald in 1994 after working in the ABC Newcastle newsroom. Michael spent much of his career as a sub-editor before moving into political reporting in 2017. He was a finalist in the Sports Australia national media awards for his stories about a male-only tennis club in Newcastle. He has covered NSW and federal elections, state and federal budgets and local politics. He has also written extensively about the COVID-19 pandemic with a special focus on data analysis and the effects of lockdowns on the Hunter community.
