Property Investing in NSW Mining towns
Mudgee leads list of 10 top-performing NSW housing markets with prices up 7.44%: Residex
By Larry Schlesinger
Tuesday, 25 September 2012 Page 1 of 2
The central western NSW town of Mudgee, a hotspot for mining, agriculture and tourism, has been the top-performing NSW housing market over the past year, according to the latest Residex regional market update.
Mudgee district house prices are up 7.44% for the year to August, with a median house price of $272,500 following a gain of less than 1% in the previous 12-month period.
Residex reported a 16% jump in sales in Mudgee over this period, with 548 properties selling.
The median Mudgee rent is up 30% for the year to $410 per week, equating to an average yield of around 7.8%.
Mudgee ranked just above the Hunter Valley, where houses appreciated 7.18% over the year to August with a median price of $324,000.
Other strong performers were Riverina houses (4.27%), Penrith Windsor houses (3.95%) in Sydney’s West, Bathurst Orange Houses (3.43%) and south-west Sydney units (3.47%).
The worst-performing markets was upmarket Neutral Bay/Spit houses (-8.16% to a median of $2.02 million) followed by north coast houses (Port Macquarie, Coffs Harbour, Foster), with prices down 5.53% to a median of $348,000.
Area | Median price | Annual capital growth to August 2012 | Median rent | Yield |
Mudgee District houses | $272,500 | 7.44% | $410 | 7.8% |
Hunter Valley houses | $324,000 | 7.18% | $405 | 6.5% |
Riverina houses | $236,000 | 4.27% | $270 | 6% |
Penrith Windsor houses | $391,500 | 3.95% | $420 | 5.6% |
South West units | $411,500 | 3.47% | $445 | 5.6% |
Bathurst Orange Houses | $280,000 | 3.43% | $320 | 6% |
South units | $611,000 | 3.24% | $645 | 5.5% |
Campbelltown houses | $363,000 | 3.13% | $420 | 6% |
Newcastle houses | $403,500 | 3.08% | $415 | 5.4% |
North West units | $444,000 | 2.89% | $475 | 5.7% |
The historic country town of Mudgee lies 270 kilometres north-west of Sydney in the fertile Cudgegong River valley and benefits from both agriculture, tourism and nearby mining activity.