The Hunter has recorded some of the largest house price increases in Australia over the past year as more people seek to move to the region in search of lifestyle options they could only dream of in capital cities.
Domain data released on Thursday shows Port Stephens is leading the Hunter price boom with a year on year increase of 16% followed by the Upper Hunter with an increase of 15.9%.
Newcastle recorded year on year increases of 7.9%, Lake Macquarie 6% and Maitland 5.9%.
By comparison, Sydney house prices have experienced a 4.5% fall over the past year.
The median house price in Sydney now sits at $1.14 million compared to $650,000 in the Lower Hunter.
“Regional areas like the Hunter are out-performing Sydney across the board,” Fairfax Domain Group data scientist Dr Nicola Powell said.
Relative housing affordability combined with lifestyle and access to employment opportunities is continuing to lure people out of Sydney to areas like Newcastle, Maitland and Lake Macquarie, Dr Powell said.
“Proximity to transport links is also important. The number of people who have a job in Sydney but only work in the office one or two days a week is definitely increasing,” Dr Powell said.
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