Reviving Regional NSW

Reviving Regional NSW

 

Regional NSW is part of the emerging recovery theme which dominates the national real estate scene, although its revival is perhaps a little less emphatic than some of the other states.

Earlier in the year, when Hotspotting conducted its Winter survey of sales activity, only a third of Regional NSW locations had positive outcomes.

But more recently our Spring survey revealed that two-thirds of locations had positive rankings.

This represents a meaningful turnaround in the Regional NSW market overall, although some high-profile locations like Byron Bay have yet to join the revival.

The biggest cohort in Regional NSW now is the recovering markets.

And the number of locations with negative classifications – locations with weak sales activity – has halved.

The leading regional city of Wollongong is at the forefront of the state’s recovery and the nearby Shoalhaven region is another standout.

The Central Coast market is also making a comeback – and showing signs of returning to its former position as a market that attracts demand as a more affordable alternative to nearby Sydney.

The City of Newcastle remains a little sluggish, but neighbouring Lake Macquarie is more buoyant.

Coffs Harbour is showing notable strength; all the suburbs of Tamworth have good sales patterns – and, on the fringe of Canberra, the Queanbeyan region is doing well.

On the back of this improvement in market activity, we’re now seeing signs of price recovery – with the latest price reports from both CoreLogic and PropTrack showing prices for both houses and units returning to moderate growth recently.

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