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Remarkable house price boom across western plains

Western Plains App

Luke Williams

05 November 2023, 8:20 PM

Remarkable house price boom across western plains

House price values have bucked the state trend to increase significantly this year and particularly over the past three to five years, the Western Plains App can reveal.


In some areas, house prices have more than doubled.



According to data from onthehouse.com.au, the median house price has lifted from $89,000 to $224,000 in Lighting Ridge in the last five years.


In Coonamble it's gone from $89,000 to $208,000 since August 2019.


Nyngan has almost doubled its median sale average from $119,000 four years ago.


Median house prices in Walgett also jumped from $80,000 in mid-2017 to $135,000 as of August this year.


A house for sale in Walgett. Image: ratemyagent.com

 

Walgett real estate agent Judy Campbell at Clemson Hiscox and Co Stock Station and Real Estate said that she the growth in prices have been remarkable.


"When I see these new property prices I think, wow, who knew there was so much money in Walgett?" Ms Campbell said.


She explained the more expensive houses in Walgett were around $400,000, with those in the medium range at $250,000 and the more rundown houses tend to go four $80,000.


Onthehouse figures showed Gilgandra has risen some $65,000 per average house price since 2019 and now sits at $196,000 for its medium.


Eliza Owen, head of Research at CoreLogic, told the Western Plains App, "The Far West and Orana house market has absolutely bucked the growth trend across broader regional NSW...compared to just 0.1% growth in regional NSW".


Eliza Owens. Image: Supplied


"Part of the extraordinary growth trend in the Far West and Orana market over the past few years is undoubtedly the structural changes we've seen in Australia's housing market through the pandemic".


She said the growth of remote work, which continues in a tight labor market, "has unlocked growth in more rural, regional markets rapidly. Holiday homes and investments also surged in popularity through the pandemic, which has unlocked immense value in what were previously very cheap markets".


Ms Owen said rent rises have also accompanied the growth in home values - including 16% in Bourke over the past year.


"Western Plains may be seen as a relatively good opportunity for high-yielding investments, which may be particularly important for some buyers in such a high interest rate environment".


Brand new house for sale in Narromine. Image: domain.com.au


The data also showed that Narromine has lifted from $203,000 to $338,000 in the last three years.


While after a massive rise in Bourke between 2020 and June 2023, house prices have dipped in the last quarter from $138,000 to $128,000. It's a similar situation in Coonabarabran with a steady rise over the past five now seeing a slight dip back to down to $226,000.


Cobar has had a modest rise over the past five years, where the average house is now worth $188,000.


The rest of NSW has had a $42,000 decline in house values in 2023