The central western NSW town of Mudgee, a hotspot for mining, agriculture and tourism, has been the top-performing NSW housing market over the past year, according to the latest Residex regional market update.
Mudgee district house prices are up 7.44% for the year to August, with a median house price of $272,500 following a gain of less than 1% in the previous 12-month period.
Residex reported a 16% jump in sales in Mudgee over this period, with 548 properties selling.
The median Mudgee rent is up 30% for the year to $410 per week, equating to an average yield of around 7.8%.
Mudgee ranked just above the Hunter Valley, where houses appreciated 7.18% over the year to August with a median price of $324,000.
Other strong performers were Riverina houses (4.27%), Penrith Windsor houses (3.95%) in Sydney’s West, Bathurst Orange Houses (3.43%) and south-west Sydney units (3.47%).
The worst-performing markets was upmarket Neutral Bay/Spit houses (-8.16% to a median of $2.02 million) followed by north coast houses (Port Macquarie, Coffs Harbour, Foster), with prices down 5.53% to a median of $348,000.
|
Area |
Median price |
Annual capital growth to August 2012 |
Median rent |
Yield |
|
Mudgee District houses |
$272,500 |
7.44% |
$410 |
7.8% |
|
Hunter Valley houses |
$324,000 |
7.18% |
$405 |
6.5% |
|
Riverina houses |
$236,000 |
4.27% |
$270 |
6% |
|
Penrith Windsor houses |
$391,500 |
3.95% |
$420 |
5.6% |
|
South West units |
$411,500 |
3.47% |
$445 |
5.6% |
|
Bathurst Orange Houses |
$280,000 |
3.43% |
$320 |
6% |
|
South units |
$611,000 |
3.24% |
$645 |
5.5% |
|
Campbelltown houses |
$363,000 |
3.13% |
$420 |
6% |
|
Newcastle houses |
$403,500 |
3.08% |
$415 |
5.4% |
|
North West units |
$444,000 |
2.89% |
$475 |
5.7% |
The historic country town of Mudgee lies 270 kilometres north-west of Sydney in the fertile Cudgegong River valley and benefits from both agriculture, tourism and nearby mining activity.
