Newcastle house prices have jumped 25 per cent in the past year, almost double the rise in the rest of Australia.
The price of the typical house in Newcastle and Lake Macquarie was $698,000 just two months ago. Now it is $746,000.
The city's annual rise of 24.8 per cent compares with a national jump of 13.5 per cent. Prices have risen 15 per cent in Sydney and 7.7 per cent in Melbourne in 12 months.
The Newcastle median house price rose 2.8 per cent in June and 8.2 per cent in the past three months.
The latest data from analysts CoreLogic coincides with new research showing Newcastle and Lake Macquarie are among the nation's top destinations for people leaving capital cities.
A Regional Australia Institute report published this week shows migration from capital cities to the Newcastle local government area rose 13 per cent in the March quarter compared with the corresponding period in 2020.
The report, based on Commonwealth Bank customer data, showed year-on-year migration from capitals to Newcastle was up 7 per cent.
Newcastle was ranked fifth in the nation for "capital to regional" migration with 2 per cent of the total movement in this category.
The two LGAs at the top of the list, Gold Coast (635,000) and Sunshine Coast (335,000), accounted for 11 per cent and 6 per cent respectively of the capital-to-regional shift but have much larger populations than Newcastle (167,000).
Lake Macquarie (208,000) was sixth on the list, also with 2 per cent of the national capital-to-regional movement.
The RAI figures are the first statistical confirmation of anecdotal evidence pointing to an exodus from Sydney to Newcastle and the Lower Hunter since the COVID-19 pandemic began.
Migration from capital cities rose 26 per cent quarter-on-quarter and 15 per cent year-on-year in Maitland in the March quarter.
Port Stephens arrivals from capital cities did not change in the March quarter and were down 9 per cent for the year.
Cessnock arrivals were up five per cent for the quarter and 10 per cent for the year.
The median apartment price in Newcastle and Lake Macquarie was $583,000 in June, up 2.8 per cent in a month and 13 per cent in a year.
House and unit prices continued their rapid rise in the rest of the Hunter, outside the Newcastle and Lake Macquarie LGAs.
The CoreLogic figures show Hunter house prices jumping 2.4 per cent in June and 18.7 per cent in a year to a median of $553,000.
The median Hunter apartment price has risen 16.6 per cent in a year to $401,000.
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