While Australia’s cities have been hot real estate markets in recent years, many regions have outpaced the typical hotspots over the past 12 months, a new report shows.
Recent industry research has revealed the Blue Mountains, Wollongong and the Central Coast actually outpaced Sydney’s house price growth.
Houses in the Greater Sydney region increased 12.2 per cent over the 12 months to the first quarter 2016, while the Blue Mountains jumped 17.8 per cent. The Central Coast and Wollongong saw growth of 15 per cent and 13.6 per cent respectively.
Increased employment, being situated within a reasonable distance to the heightened construction activity of Sydney’s north-west and south-west growth corridors and population growth have contributed to the price growth.
But the main driver was affordability.
Residential markets located on the fringe of capital cities respond to heated property prices by providing a more affordable option for those priced-out of the more traditional metropolitan markets.
These regional cities like the Illawarra, offer a reasonable proximity to the capital city by road and rail; whilst being amongst a scenic or coastal lifestyle when the working day is over.
Source: http://www.illawarramercury.com.au/story/4038988/wollongong-outpacing-sydneys-property-price-growth-report/?cs=3968At MMJ we can help you unlock the hidden value in your property, so you can make the next move.