Suburbs up to an hour from the nation’s largest CBDs are recording some of the greatest housing price increases as buyers move out of the cities in search of a better deal.
These are the findings of a recent report by realestate.com.au who note: “Affordability pressures are pushing buyers further out”.
That puts the Macarthur region well and truly on many homebuyers’ radars, so here’s a quick snapshot of what’s driving the growth.
According to the findings based on CoreLogic data of sales from July 2016 to 2017, eight of the 10 suburbs experiencing the highest growth in Australia are located more than 20km outside a capital city.
It reflects a general trend that inner cities are now too price prohibitive for Australian buyers who are seeking the benefits of proximity to the CBD but without an inner city price tag.
REA Group Chief Economist Nerida Conisbee explains: “People are prepared to commute quite some distance, particularly in NSW. If they can get the home that they want, they are quite prepared to be very far from the city…”
While Macarthur doesn’t feature a suburb in the top 10, the commuting trend is reflected in rising median house prices recorded across the region, with Thirlmere and Picton leading the local charge.
Thirlmere, which is 71km from Sydney CBD recorded growth of 19.4%, with median house prices of $682,000, while Picton which is 65km from Sydney centre achieved growth of 13.5% to attain a median house price of $737,500.
But across the Macarthur region generally prices are on the up:
- Campbelltown is up 6.9% with a median house price $619,975
- Macquarie Fields has risen 7.7% to attain a median house price $625,500
- Ingleburn is up 5.9% with a median house price $667,000
- Camden has recorded growth of 9.2% with a median house price $699,000
- Narellan has risen 8.3%, with a median house price of $655,600
- Picton is up 13.5%, with a median house price of $737,500
- Thirlmere has rise 19.4% to achieve a median house price $682,000
So what’s the appeal?
Buyers, including first home owners, flocking to the Macarthur region get a whole lot more for their hard-earned dollar than many areas closer to the city. They can still have change in their pocket from $700,000 while attaining the great Australian dream of a three-bedroom home with a useable backyard.
What’s more the region has been flagged by the NSW government as a growth zone to foster affordable housing in the future, and will be supported with additional infrastructure and better access to local jobs.
About United Strata
United Strata specialises in real estate within the Macarthur region, boasting a wealth of insight into the current and future position of property in the area.
We also provide free market appraisals that include a comprehensive report along with our recommendations of the value of your property.