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Regions offer respite

Soaring property costs in Sydney, including median house prices above half a million dollars and a severe shortage of rental accommodation are driving people away from the urban rat race to the regional towns of NSW where housing is significantly more affordable and life is less frenetic.

According to the Housing Industry Association (HIA) the population in regional NSW in 2005-2006 grew at the same rate (0.9%) as it did in cities such as Sydney and Newcastle. In some areas, the growth is much higher, with the population of Bathurst and Orange, for example, increasing by 1.6% a year. These towns enjoy the fundamentals of good hospitals and schools, including a university at Bathurst, and housing prices that Sydneysiders can only dream of. In Bathurst, the median price of a house is $261,000 and in Orange it is $272,000.

In Sydney, meanwhile, the shortfall between supply and demand saw the median house price in Sydney balloon to $516,000 and $348,000 for a unit in the first three months of 2007. The situation was no better for renters, with historically low levels of available rental accommodation – hovering around 1.3% in areas within 10 kilometres of the CBD – driving up rents to an average $385 a week. Outside of Sydney, median rents remained stable at $270 a week.

While towns such as Bathurst and Orange offer employment opportunities in the wine and food industries, government and in tertiary education, some regional areas are boosting employment and growth prospects by setting themselves up as Information Technology hubs. Port Macquarie is developing the $890 million satellite suburb of Sovereign Hills which is being built to the principles of new urbanism so that homes will not be more than 400 metres from the town centre so that locals will be able to bike or walk to work. Cutting-edge communications infrastructure is being installed to attract computer and telecommunications companies into the area. As with all towns sited on the coast, property prices are higher than in inland areas although they are still well below Sydney levels. In the March 2007 quarter, the median price for homes in Port Macquarie was $345,000, while in the hinterland they averaged out at $267,000.

Wagga Wagga, service centre for the nearby Kapooka army base and nexus of the agriculture-rich Riverina, is another regional NSW town enjoying strong growth at around 1.4% year on year. Median house prices are $267,000 and growing.

And those who need or want to be within less than half a day’s driving distance of Sydney could consider Mudgee with its local wine industry and a median house price of $285,000 or the heritage-listed town of Braidwood where median house prices are $289,000 and Canberra is within reasonable commuting distance.

“Employment is, and has always been, the main factor behind whether people decide to migrate to the regions or not,” says Cristine Castle, President of the Real Estate Institute of New South Wales. “If you nail that down, the other benefits of good, affordable housing and enjoyable lifestyle make the decision very easy to make.

“The result will be that you will be the envy of colleagues you leave behind in the city so you had better make sure you have a spare bedroom for all the guests who will want to come and stay.

Information supplied by the Real Estate Institute of New South Wales.

Hunting for a new home can be exciting but exhausting and filled with tension at the same time. After all, the family home is often one of the biggest investments you will make in a lifetime.

Therefore, it’s essential you do everything possible to ensure you make the right choice. Here are a few basics that might help, but always remember to consult the experts:

• Set a budget and confirm financial arrangements. It is essential to establish firm boundaries so that heartbreak and financial hardship don’t follow. Remember to take into account stamp duty and legal fees.
  
  
• List your key requirements.  For example, the number of bedrooms, desirable location or access to public transport and amenities, storage requirements for vehicles and recreational items.
  
  
• Study the market carefully. Research property guides in newspapers, the internet and agents’ listings should be consulted so you have a good idea of prices and what else is available leading up to your purchase.
  
  
• Make detailed notes. Draw a rough floor plan of each property you inspect, and list your likes and dislikes.