Property price growth in the Hunter continues to outstrip the national average, driving the median house value in Newcastle to an eye-watering $844,000.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Latest figures from property analysts CoreLogic show the median house value index in Newcastle and Lake Macquarie has skyrocketed 31.9 per cent, or $204,000, since November last year.
The national index rose 22 per cent in the year.
The index for a stand-alone house jumped 2.6 per cent from October to November, and unit values were up 2.9 per cent, double the monthly growth rate across Australia.
The CoreLogic index combines sales data with the attributes of properties across a market to calculate what it considers a more accurate measure of changes in value.
The apartment value index jumped 1.8 per cent in Newcastle in a month to $640,000, up 17.4 per cent in a year.
The index across both apartments and houses stands at $812,000 in the two local council areas, $24,000 higher than in Melbourne.
In the rest of the Hunter, outside Newcastle and Lake Macquarie, house values rose 2.9 per cent in the month and 32.2 per cent in the year to $655,000.
CoreLogic said in its monthly property report on Wednesday that the November national value rise of 1.3 per cent was the "softest outcome since January", when values rose 0.9 per cent.
Sydney values were up 0.9 per cent and Melbourne's up 0.6 per cent in the month. Values across all capitals rose 1.1 per cent.
"Virtually every factor that has driven housing values higher has lost some potency over recent months," CoreLogic research director Tim Lawless said.
"Fixed mortgage rates are rising, higher listings are taking some urgency away from buyers, affordability has become a more substantial barrier to entry and credit is less available."
But these factors show no sign of cooling the Hunter's property market.
A Regional Australia Institute report published in October showed migration from Sydney to Newcastle had grown 10 per cent in a year.
Sydney migration to Maitland and Cessnock was up 16 and 18 per cent respectively.
The institute also reported that movement from regions such as the Hunter to Sydney had slowed considerably during the COVID-19 pandemic, increasing the pressure on the regional property market.
CoreLogic said the strongest growth trends in regional property were "skewed towards the coastal and lifestyle markets".
NSW's Southern Highlands and Shoalhaven recorded the highest quarterly growth rate (9.7 per cent), followed by the Hunter (8.9 per cent) and Tasmania's Launceston and North East region (7.7 per cent).
In the news
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
- Bookmark: newcastleherald.com.au
- Download our app
- Make sure you are signed up for our breaking and regular headlines newsletters
- Follow us on Twitter
- Follow us on Instagram
- Follow us on Google News