Economy

Mudgee leads list of 10 top-performing NSW housing markets with prices up 7.44%: Residex

Larry Schlesinger /

The central western NSW town of Mudgee, a hotspot for mining, agriculture and tourism, has been the top-performing NSW housing market over the past year, according to the latest Residex regional market update.

Mudgee district house prices are up 7.44% for the year to August, with a median house price of $272,500 following a gain of less than 1% in the previous 12-month period.

Residex reported a 16% jump in sales in Mudgee over this period, with 548 properties selling.

The median Mudgee rent is up 30% for the year to $410 per week, equating to an average yield of around 7.8%.

Mudgee ranked just above the Hunter Valley, where houses appreciated 7.18% over the year to August with a median price of $324,000.

Other strong performers were Riverina houses (4.27%), Penrith Windsor houses (3.95%) in Sydney’s West, Bathurst Orange Houses (3.43%) and south-west Sydney units (3.47%).

The worst-performing markets was upmarket Neutral Bay/Spit houses (-8.16%  to a median of $2.02 million) followed by north coast houses (Port Macquarie, Coffs Harbour, Foster), with prices down 5.53% to a median of $348,000.

Area

Median price

Annual capital growth to August 2012

Median rent

Yield

Mudgee District houses

$272,500

7.44%

$410

7.8%

Hunter Valley houses

$324,000

7.18%

$405

6.5%

Riverina houses

$236,000

4.27%

$270

6%

Penrith Windsor houses

$391,500

3.95%

$420

5.6%

South West units

$411,500

3.47%

$445

5.6%

Bathurst Orange Houses

$280,000

3.43%

$320

6%

South units

$611,000

3.24%

$645

5.5%

Campbelltown houses

$363,000

3.13%

$420

6%

Newcastle houses

$403,500

3.08%

$415

5.4%

North West units

$444,000

2.89%

$475

5.7%

 The historic country town of Mudgee lies 270 kilometres north-west of Sydney in the fertile Cudgegong River valley and benefits from both agriculture, tourism and nearby mining activity.

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