Domain: House prices are soaring in region, new report shows

PROPERTY PRICES: The median cost of buying a home in these regional locations is increasing, a new report shows. Photo: FILE
PROPERTY PRICES: The median cost of buying a home in these regional locations is increasing, a new report shows. Photo: FILE

HOUSE prices are soaring in the region, with the median cost in one location spiking by more than 45 per cent during the past five years.

The recently-released Domain House Price Report for the June quarter shows the median price for homes and how they have changed in recent years.

Bathurst may have topped the list for the most expensive place to buy a home at $430,000, but it did not record the highest growth during the five-year period.

That honour went to Lithgow, where the median house price soared by 45.6 per cent, or more than $100,000.

Data from the report shows the cost has increased from $237,000 in 2014 to $345,000 this year.

The next highest growth was in Cootamundra-Gundagai with a 36.0 per cent jump - from $196,000 to $266,500.

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Bathurst recorded the third highest increase in the median cost of a home, with a jump of 25.2 per cent - from $343,500 to $430,000.

Forbes was next with an increase of 22.8 per cent, with costs rising from $230,000 to $282,500.

The median cost of a home in Orange increased by 20.3 per cent, from $345,000 to $415,000.

In Dubbo the increase was 18.2 per cent, with prices jumping from $305,000 to $360,500.

The smallest increase was recorded in Parkes, with the median cost of buying a home up by 16.2 per cent - from $252,500 to $293,500.

The booming costs in these regional locations are a stark comparison to the falling house prices in Sydney.

While the median cost remains above $1 million ($1,032,338), data in this report shows prices are now 14 per cent below the mid-2017 peak.

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