- Regional market property prices have risen, as buyers flock to more affordable areas within driving distance to city
- According to CoreLogic data, the Illawarra region south of Sydney has had the highest rise in house values
- Over the past year, the average house price was at $600,000 and property values rose by almost 16 per cent
- Research analysts believe a surge in Sydney property prices has left people rushing to Illawarra region
- Newcastle, the Gold Coast, the Sunshine Coast and Geelong also saw significant jumps in housing prices
Housing prices in regional areas across Australia have seen a surprising jump as buyers are flocking to more affordable areas within driving distances to major cities.
According to CoreLogic data, the Illawarra region, 85 kilometres south of Sydney, has seen a 16 per cent property price rise in the past year, with the average house costing almost $600,000.
Newcastle, the Gold Coast, the Sunshine Coast and Geelong have also documented property price growth and research analysts believe the region’s proximity to the city is driving the market.
Housing prices in regional areas across Australia have seen a surprising jump as buyers are flocking to more affordable areas and the Illawarra region (pictured, a four-bedroom property in Farmborough Heights) topped the list
A stunning four-bedroom home with unrivalled views on Iola Ave in Farmborough Heights hit the market recently for $670,000
‘As you would expect, this market been driven largely by a surge in Sydney property prices as people find themselves priced out of the capital city housing market,’ CoreLogic analyst Cameron Kusher said, according to The ABC.
By the end of March this year, the standard cost for a unit was $442,000.
‘The Illawarra region offers not just an affordable alternative for owner occupiers; it’s also attracting buyers keen to secure holiday homes.’
Newcastle, 160 kilometres north of Sydney, reported an 8.1 per cent surge in housing prices.
The Gold Coast, an hour drive from Brisbane, documented a 7.2 per cent jump in the market and this property, in Wongawallan, is on sale for $630,000
The three-bedroom home sits on 10 acres of lands and boasts three undercover car spaces and two visitor parking bays
The house has a wrap-around veranda and is surrounded by bushland and stunning views
The $630,000 property has a private Billabong, solar panels, a workshop and two water tanks totaling 41,000 litres
Newcastle, the Gold Coast, the Sunshine Coast and Geelong (pictured, a three-bedroom home on Morrison Street) have also documented property price growth and research analysts believe the region’s proximity to the city is driving the market
The townhouse is on the market for $595,000 and offers a huge family room, polished floorboards and is a short stroll to Geelong CBD
The master suite has a private balcony, walk-in robe and a decent-sized ensuite with a double vanity
Queensland’s Sunshine Coast documented a 4.4 per cent rise in house prices and this five-bedroom property has hit the market at $795,000
The property has an orchard of the flowering plant feijoa and a 70,000 litre water tank
Newcastle, the Gold Coast, the Sunshine Coast (pictured) and Geelong have documented property price growth and research analysts believe the region’s proximity to the city is driving the market
Originally Published On: http://www.dailymail.co.uk/