Regional real estate boom: median house prices soar over $1 million in over 50 locations

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PHOTO: Regional towns are catching the eye of savvy Australian buyers. Picture: iStock

Sydneysiders imagining an escape from the big smoke and discovering an idyllic – and more affordable – home in regional NSW may need to dream a new dream.

There are now more than 50 regional NSW locations where the average house costs over $1 million, including five locations where the average cost is $2 million-plus, property data has revealed.

The high prices are a relatively new phenomenon in many locations and partly the result of cashed up Sydneysiders pushing up prices during the Covid-era.

The majority were families fleeing the Harbour City to get more space and capitalise on increased work from home arrangements.

The south coast, Southern Highlands and Northern Rivers region, including Byron Bay, were particularly popular areas and prices have soared.

Pat and Kerrie Curran are selling up their Tapitallee acreage for $2m+ and have noted a wave of Sydney buyers heading south. Picture: Jonathan Ng Source: News Limited

With a median house price of $2.7 million, Byron Bay is now the country’s priciest major housing market, while prices in nearby Ewingsdale average about $2.2 million.

The Southern Highlands had among the state’s fastest growing house prices over the past financial year, with house values increasing by an average of 26 per cent. Over 60 houses in the region have sold for more than $3 million in 2021 alone.

On the south coast, houses in the beach enclave of Gerroa, 140km south of Sydney, now average nearly $2.5 million.