Regional Boom: Outback Towns See Record Housing Growth

Regional housing markets in New South Wales are experiencing significant growth, driven by a search for affordability. Outback town Broken Hill has recorded the largest five-year median house price increase in the state, with its median price doubling to $250,000.

Other top-performing areas include Cessnock, Dungog, Narrandera, and Muswellbrook, all showing substantial price jumps over the past five years. These regions are attracting buyers due to their lower entry points.

Economists note that these affordable markets benefit from owner-occupier and investor demand. Areas connected to mining or energy sectors offer high rental yields and stronger incomes, further boosting housing demand.

This trend was amplified during COVID-19 lockdowns as people reassessed regional living. City buyers, having cashed out of more expensive property markets, are now investing in these areas, contributing to local economies and community revitalisation.

In Broken Hill, a median price of $250,000 can secure a comfortable three-bedroom home, representing continued affordability. Cessnock, situated closer to Sydney, also offers value, with its median price around $799,000, attracting buyers from Sydney, the Central Coast, and Newcastle.