Central West real estate prices on the way up, Domain report shows

REAL ESTATE: There's been no coronavirus slump in the Central West's property market, new data shows. Photo: FILE
REAL ESTATE: There's been no coronavirus slump in the Central West's property market, new data shows. Photo: FILE

THE coronavirus pandemic might be spooking the property market in capital cities, but in the Central West the median house price in many towns is on the way up.

In the past 12 months, the cost to buy a home soared by as much as 18.3 per cent in one town, the Domain House Price Report for the June quarter shows.

Parkes recorded the biggest increase in the region at 18.3 per cent and was listed as third in the state for the largest growth year-on-year.

The median house price there is now $340,000.

Recording the second highest growth in the Central West was Orange at 7.7 per cent with the median cost now at $447,000; while Cowra jumped by 6.0 per cent to $289,500.

Bathurst's median house price increased by 4.7 per cent to $450,000; Forbes went up by 3.6 per cent to $290,000; and the Mid-Western LGA by 3.4 per cent to $439,500.

While Dubbo LGA's median house price grew by just 1.8 per cent to $367,000 and Lithgow's increased by 1.4 per cent to $350,000.

With the COVID-19 pandemic drastically changing the way many people work, Business NSW's Western NSW regional manager Vicki Seccombe expects the region to become more attractive to people wanting to get out of the large cities.

"All the real estate agents are receiving plenty of calls from people who live in Sydney," she said.

"Orange and Bathurst are within that three hour radius of Sydney."

Five months on since many people started working from home and Ms Seccombe said this flexibility means a move to a regional area could be considered.

"People and organisations have seen massive organisational changes," she said.

"I think we'll get into a middle ground where it'll be part time in the office and part time at home, but then again you'll get some people who want to work from home the whole time."

Ms Seccombe said lower house prices and shorter commutes were an attractive reason for people to move away from large cities and into the Central West.

"This is the opportunity we almost need to encourage. It's a once in a lifetime opportunity." she said.

"We had quite a number of skill shortages before COVID and new people to the region will bring new ideas and the skills we need.

"It's trying to encourage businesses to relocate or start up their businesses here."

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This story No virus slump in Central West's property market first appeared on Lithgow Mercury.