NEW England is leading the way for the highest growth in property value in regional areas across the state.
A CoreLogic report released this week had Inverell on top (30.3 per cent) with Armidale (27.7 per cent) in second for the highest growth over the last 12 months.
Growth rates are based on changes in the CoreLogic Home Value index, which take into account value changes across the market.
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The information did not come as a surprise to John Devlin from LJ Hooker in Inverell. He said growth will likely continue over the next 12 months, despite rising interest rates.
"Given our level of inquiry and number of sales over the last 12 months, I'm not surprised by these figures. COVID, as bad as it was, it proved to be a silver lining for our area," Mr Devlin said.
"The exciting thing is that this trend will most likely continue as we see increases in flexible work opportunities."
"Inverell has a strong robust shopping centre and rural economy. A great mix of local and multinational businesses.
"Combine this with our outstanding sporting facilities and recreational areas, what's surprising is how long it has taken for people to discover our piece of paradise.
"Apart from the lifestyle and work opportunities, even with this increase Inverell still represents great value to people relocating from the coastal/city areas."
Lachie Sewell from Laing & Simmons Armidale agrees that the region was well placed for further growth.
"We're playing catch-up by starting at a low base but the housing affordability in the region definitely helps with interest rates going up," Mr Sewell said.
"The CBD is strong in Inverell; its shops are vibrant and it has a boutique feel to it.
"The last 12 months the growth is the strongest it's been regionally for some time.
"A lot of people from nearby places like Moree and Goondiwindi will come over for the day and it's become a bit of a hub for the whole region.
"I think job creation has helped with both (Armidale and Inverell) councils having a good strategic plan (in getting more people moving to the region) is working, too.
"There are about 110 houses for sale right now.
"When I moved back from Newcastle a few years ago there was about 420-450," he said.
Top 10 regional places in NSW for regional growth over the past 12 months
- Inverell: median value $330,399, annual change 30.3%
- Armidale: median value $474,312, annual change 27.7%
- Lower Hunter: median value $630,948, annual change 25.6%
- Wagga Wagga: median value $464,022, annual change 25.4%
- Young-Yass: median value $510,748, annual change 25%
- Upper Hunter: median value $410,318, annual change 24.6%
- Goulburn-Mulwaree: median value $607,952, annual change 22.9%
- Tamworth-Gunnedah: median value $411,697, annul change 22.6%
- Lithgow-Mudgee: median value $572,323, annual change 22.5%
- Lachlan River: median value $334,701, annual change 22.3%
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Mitchell Craig
Australian Community Media journalist with over 15 years' experience in providing quality news and sport stories.
Australian Community Media journalist with over 15 years' experience in providing quality news and sport stories.
