The demand for housing in New South Wales has consistently continued to grow for as long as we can remember however, the lingering effects from the pandemic have enforced many buyers to move further out from the city and into regional areas such as the Central Coast, Wollongong, the Blue Mountains and the Hunter Valley. With the inheritance of remote working over the last two years, proximity to the city isn’t needed as much and many first home buyers are preferring to live in areas less congested and busy. Additionally, land in these areas is proving to be much more affordable and spacious compared to new estates developing within Sydney, and buyers are quickly recognising this…Although it doesn’t stop at first home buyers.
The benefits of buying property in regional New South Wales ring just as loud for property investors as data shows that within the last year, sales volumes have increased up to over 30%, surpassing Sydney in the same time frame. With up-and-coming suburbs continuing to develop, there is a long list of the best suburbs to invest in NSW and best places to buy property.
Regional property development is at an all-time high and investors are looking for something new to sink their teeth into! With so many homeowners fleeing from the city in 2021 due to enforced lockdown laws within Sydney, rising inflation rates, congested transport services and people seeking affordable housing; property prices in regional areas rose exponentially and broke record with values increasing up to 23% over the year. This is predicted to continue and there seems to be no better time for investors to jump ship. Luckily for them and potentially you, we’re all over this and have compiled a list of the fastest growing regional suburbs in NSW and the best areas to invest within those regions!
Located in the Hunter region and situated only 50km away from Newcastle, Cessnock saw median prices rise by 39.87% over the last 12 months and a steady increase over a five-year period, with 45.39% capital gain. It’s laid back and “country-city” nature has enticed many new buyers and its reputation as one of the largest and oldest towns in the Hunter Valley is one worth noting.
Gwandalan is one of Central Coast’s more popular and emerging suburbs due to its picturesque scenes, walking tracks, shops and schools. Located halfway between Sydney and Newcastle, this suburb is one of the more affordable areas on the Coast and its price point has led to its market uplift in the more recent years. Gwandalan’s capital gain of 40.93% in the past year has been higher than average, and homeowners within the suburb have been rest assured of its market performance.
If you’re looking to build or buy property south of Sydney and towards Canberra, Goulburn is the place to look out for. Situated between the nation’s capital and Sydney, Goulburn’s property prices are significantly lower than both and vacancies are declining. Because of this, rent costs are rising and investors are recognising its capital gain of 27.8% in the past year for houses. With its calm, communal environment and beautiful landscapes, people are loving the lifestyle that Goulburn has to offer.
Warnervale has proven to become one of Central Coast’s emerging suburbs in the last few years with the development of its Town Centre and planned infrastructure projects. Although its progression has been slow compared to surrounding suburbs, it is predicted that house prices will spike once fully developed and more job opportunities open. Additionally its locality to coastal beaches, quietness and picturesque scenes make it a very stress-free place to live.
If you’re trying to find the best suburb to invest in Newcastle, then Beresfield is one worth keeping an eye on! Situated north-west and less than 30 minutes away from the city of Newcastle, this little established town is perfect for those looking for new and developing estates. With a capital gain of over 40% in the last year and over 80% in the last five years, now is the perfect time to get your hands on this stunning suburb.
With real estate booming and hitting record numbers in 2021, growth rates began falling in 2022 and will continue to in 2023. Performance across different suburbs is predicted to vary and the impact of flooding, interest rates and price rises will heavily determine this. Although growth rates may begin to slow down, this is often misinterpreted as a crash in the market and many buyers restrain from purchasing property. According to Australian Housing Outlook, regional NSW suburbs are expected to continue growing by 6.9% in Newcastle and by 7.5% in Wollongong, with strong outcomes set for the year. With the implementation of permanent remote working and attitudes from the pandemic, regional markets are competing more with capital cities than ever before and in turn have caught the attention of investors.
When it comes to the property market, no one follows the trends and stats more than land developers and home builders. At the forefront of the market, we at Domaine are equipped with the best knowledge and experience to help you build your perfect home. With NSW display home centres located from the Wollongong area, all the way up to Lake Macquarie; we have plenty of investment opportunities catered to you and your needs. Feel free to visit any one of those displays or get in touch with one of our team members to get started with your journey!