Hunter house prices experience year-on-year growth

HOME prices in the Hunter (excluding Newcastle) increased by 1.36 percent in the past quarter, contributing to a year-on-year increase in home prices of 2.61 percent, according to PropTrack’s Home Price Index, released on October 1.

In regional NSW, home prices increased in September, up 0.36 percent.

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Prices in regional NSW are up 0.70 percent year-on-year, however remain 2.15 percent below their most recent peak.

Nationally, home prices moved higher in September, with the spring selling season blooming.

National prices have now recovered 2022’s falls entirely after climbing 0.35 percent month-on-month to peak levels – with prices up 4.31 percent so far this year.

Sydney prices have recovered most of 2022’s falls and are just 0.03 percent below their peak recorded in February 2022.

Prices increased 0.48 percent in September, and are now up 7.33 percent so far this year and 7.43 percent from their trough in November 2022.

“The spring selling season experienced a busy start in September,” said Eleanor Creagh, Senior Economist, PropTrack.

“Buyer and seller confidence is on the up and choice is improving significantly in the major capitals.

“Despite the uplift in the number of properties coming to market, national home prices have moved higher again, regaining 2022’s rapid price falls in entirety to reach a record high in September.

“Home price growth has been driven by record levels of net overseas migration, tight rental markets and a housing shortage.

“Looking ahead, interest rates have likely peaked and population growth is rebounding strongly.

“Together with a shortage of new home builds, prices are expected to rise.

“As we head further into spring, more markets are likely to reclaim 2022’s fast falls to set new peaks.”

Meanwhile, rental price growth in regional NSW is continuing to slow, according to the PropTrack Market Insight Report.

Rent growth in regional New South Wales continued to slow in September, remaining unchanged over the quarter.
Over the year, rents in regional NSW were up two percent.

Regional NSW house rents were unchanged over the quarter while unit rents fell 3.3 percent.

In the Hunter Valley (excluding Newcastle), the median rent for September was $520, just over the median price of $500 for regional NSW.

Year-on-year, rental prices have risen by 6.1 percent in the Hunter.

“Rents are climbing at a rapid pace,” said Cameron Kusher, PropTrack Director of Economic Research.

“The median advertised house rent is now $550 per week and the median advertised unit rent is now $520 per week.

“House rents have been unchanged for six months, while unit rents have continued to rise.

“We expect the difference in price between houses and units to narrow over the coming months.

“The ongoing rapid rate of population growth, coupled with a persistent reduction in the supply of properties available for rent, have maintained the pressure on the cost of renting, particularly in major capital cities.

“Rental growth is likely to continue in the major capital cities. The flatlining of regional rents over the past six months may point to softer rents for the regions in the coming months.”

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