GLOUCESTER’S property market has reflected the broader strength of the MidCoast region, with dwelling values rising by 58.3 per cent since December 2019.
According to new figures from Cotality, the uplift across the MidCoast LGA has outperformed Greater Sydney (38.9 percent) and exceeded the national dwelling gain (50.4 percent) over the past six years.
Over the longer 20-year period, dwelling values across the MidCoast have risen 86.4 percent, with houses up 91.1 percent and units up 67.7 percent.
Cotality executive research director Tim Lawless said the MidCoast’s growth was part of a wider recent regional surge.
“Housing values across regional NSW have shown an extremely strong growth trend since 2019, rising 61 percent compared with a national average of 50.4 percent,” he said.
“Almost half of the 20-year growth in regional NSW has occurred in the past six years.”
Lawless said affordability and lifestyle attributes had reshaped demand.
“Regional markets started from a relatively low base at the end of 2019, and areas with strong lifestyle appeal benefited most,” he said.
“The normalisation of hybrid working has supported markets like the MidCoast.”
He said the price gap between Sydney and the regions had narrowed significantly.
“Sydney’s premium over regional NSW has reduced from 86 percent in 2019 to 59 percent today,” Lawless said.
“That shift reflects how strongly regional markets have performed.”
Market conditions have now eased to more sustainable growth levels.
Annual dwelling value increases across the LGAs examined between Port Stephens and Coffs Harbour range from 4.7 to 6.4 percent, a clear contrast to the pandemic-era highs.
“The trend remains positive, but the pace is more balanced,” Lawless said.
By Matt TAYLOR
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