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February 28, 2024 by ash

There is an increase in house prices across the Hunter

The Hunter is celebrating continue to rise of house prices within the region. 

In Newcastle and Lake Macquarie, they rose by 1.43% in the past three months, and by 2.61% in the past year.

Prices in the Hunter Valley rose 1.36% this quarter and 2.53% since 2022.

There is a return of confidence in the property market, according to industry experts. 

In 2022, the nation experienced one of its worst house value slumps in decades. 

The Australian home price index rose 0.8% in September, the eighth consecutive month of growth. 

In September, regional NSW home prices increased 0.36%, up 0.7% from last year, according to PropTrack. 

Home prices in Sydney rose for the tenth consecutive month in September, rising 0.48% to 6.86%. 

The most rapid decline in home prices in recent history has now been fully reversed, according to PropTrack’s Eleanor Creagh. 

The spring selling season got off to a busy start in September, with buyer confidence on the rise and choice improving significantly in the major capitals.  

Despite the increase in property listings, national home prices have moved higher again, regaining 2022’s rapid price declines in their entirety to reach a record high in September.  

Several factors have contributed to the rise in home prices, including record levels of net overseas migration, tight rental markets, and a housing shortage.  

“Although there has been an increase in the number of properties hitting the market in Sydney and Melbourne, strong demand has seen prices rise.  

Combined with a shortage of new home builds, prices are expected to rise as we move into spring. As we head further into spring, more markets are likely to reclaim 2022’s fast falls. 

Tim Lawless, CoreLogic research director, echoes this sentiment. 

“Perhaps we are experiencing renewed affordability challenges that are deflecting more demand to the middle of the market where entry barriers are lower,” he said. 

A softening of housing conditions across regional Australia appears to be more driven by demand, with home sales estimated to be 6.5% lower than a year ago and 9.2% lower than the five-year average.” 

Mr Lawless anticipates that home values will recover to a new nominal high if the current growth rate continues.