It was included on Smart Property Investment magazine’s Fast 50 report due to nearby mining activity and expectations of strong population growth.
Mudgee leads list of 10 top-performing NSW housing markets with prices up 7.44%: Residex
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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.
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.