THE cost of buying a home may be going up in some locations, but in Cowra prices have dropped with less money now needed to get into the market.
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The latest Domain House Price Report for the December 2019 quarter reveals the median house price for Cootamundra-Gundagai, Cowra, Forbes, Parkes and Young local government areas (LGA).
Young may have topped the list for the most expensive place to buy a home, but another town eclipsed it when it came to percentage growth during the past year.
Data shows the median cost to by a home in Young was at $287,000, which is 4.4 per cent up on the same time in 2018 when the price was $275,000.
Forbes followed very close behind at $286,000 which represents a decrease of 3.1 per cent on $295,000.
The median price to purchase a home in Cowra has decreased by 5.4 per cent, from $280,000 to $265,000.
- Domain House Price Report for the December 2019 quarter
In Parkes the median house price is $270,000, which is up 1.9 per cent on $265,000.
Cowra's price is $265,000 (down 5.4 per cent from $280,000) and Cootamundra-Gundagai's median price was $262,5000 (up 7.6 per cent from $244,000).
The Domain report also revealed how the median house price in these LGAs had increased significantly during the past five years.
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Forbes has witnessed the biggest jump in prices with the median cost for a home soaring by 43.0 per cent, from $200,000 to $286,000.
House prices in the Cootamundra-Gundagai LGA weren't too far behind with an increase of 39.3 per cent, with prices up from $188,500 to $262,500.
In Cowra the median price spiked by 25.0 per cent with the median cost up from $212,000 to $265,000.
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Parkes witnessed an increase of 17.4 per cent during the five-year period, from $230,000 to $270,000.
And, while Young might have had the highest median cost, it had the smallest increase when compared to the other LGAs.
Prices have risen by 14.8 per cent, from $250,000 in December 2014 to $287,000 in December 2019.
By comparison the median house price in Canberra for the December 2019 quarter increased by 7.3 per cent to $788,621.
In Sydney prices jumped by 5.7 per cent to $1,142,212.
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Nadine Morton
Nadine Morton covers emergency services and breaking news for the Illawarra Mercury. She takes pride in regional journalism which she believes is crucial to informing our towns and cities. Have a story? Email her at nadine.morton@austcommunitymedia.com.au
Nadine Morton covers emergency services and breaking news for the Illawarra Mercury. She takes pride in regional journalism which she believes is crucial to informing our towns and cities. Have a story? Email her at nadine.morton@austcommunitymedia.com.au
