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How far will Sydney’s median house price of $1,751,728 stretch in regional NSW?
If Sydney buyers take a budget of this size and look further inland or along the coast, they may be able to find a more premium property as well as more space for the family.
Coastal properties are more affordable in Newcastle than Sydney.
Merewether
Merewether is an inner suburb of Newcastle, just over two hours from Sydney, which makes it an option for buyers who still need a foothold in the city but want to enjoy the area’s surf beaches.
An architecturally designed home with dual living across two entrances and five bedrooms, allowing for an additional income stream, sold for $1.625 million recently by Simon Wall from the eponymous agency.
The buyers are upsizing from the Hunter Valley and are considering living upstairs and letting out the downstairs level to holiday-goers.
“It’s the best priced house you’ll get in the suburb,” Wall said.
“It’s just over two kilometres to Merewether beach, and it’s only about 500 metres from Merewether golf course.”
Wall said the suburb was “definitely the premium suburb of Newcastle. A lot of the streets, you can pretty much walk to the main shops, plenty of cafes, restaurants”.
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He said the local surf beach was “world class” and that it hosted the annual surfing festival, Surfest.
While interest has dropped from Sydneysiders since the peak COVID era, Wall estimates 25 per cent of buyers are relocating from Sydney.
“I’d say the 35 to 50 [years old] age bracket where they’re sort of skilled up, got their careers, had kids, and then think, ‘yeah, there’s more to it than this’.”
Gerringong
Along the South Coast, Gerringong is about two hours from Sydney. Living amid lush green pastures that roll down to meet the sea, residents are spoilt with natural scenery.
Selling agent Ryan Stalgis from First National Coast & Country Gerringong recently sold 37 Campbell Street for $1.7 million.
The single-level dwelling with four bedrooms and a four-car garage had interest from locals and Sydneysiders. The home sold within two weeks to a retired couple from nearby Kiama.
“Really green pastures, lovely climate, and… [it’s] where the mountains meet the sea. You get the best of both worlds there; you get beautiful coastal walks. We’ve got some lovely wineries in the area as well. So it’s a really nice lifestyle.”
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Stalgis said the proximity made the area popular for people looking for weekenders or retirees who still had family or part-time work in the city.
Mudgee
About three and a half hours inland from Sydney, Mudgee has a classic Australiana feel – scrubby bushland, tall eucalypts and even the occasional mob of kangaroos.
McGrath’s Adam Woods sold a brand new four-bedroom home on a huge 2011-square-metre block at 51 Webster Street for $1.6 million to an interstate buyer returning to the area.
“It sits in a location out there, Bombira [Estate], which has always been an aspirational area for people to want to live within, inside of Mudgee.”
He said the area drew tree-changers, local upsizers and retiring graziers and farmers.
“It sort of offers them a nice bit of space still, and they can still potter around and have a purpose, but not be right on top of their neighbours.”
Woods said Mudgee embraced the “multicultural and diverse community that’s growing all the time”.
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Two others were interested in the property – a local upsizer and a Sydneysider – but were conditional on selling their homes first.
“It’s a fair price,” he said, adding that prices in the past six months had ranged between $1.3 million and $1.9 million depending on size and finish of the home.
Murwillumbah
On the far north coast hinterland close to the Queensland border sits Murwillumbah, a relaxed, welcoming inland town.
Selling agent Kristie Hoffman from Elders Real Estate Tweed Valley recently sold a four-bedroom family home at 191 Murwillumbah Street with stunning hinterland views for $1.6 million.
“You literally felt like you were backing onto farmland, but you were actually still only probably a 50-metre stroll [to] town,” she said.
“It had that rural feel to it, but still within walking distance to the CBD. So really popular.”
The property, which was highly sought after, received offers from the main markets drawn to the area – the Gold Coast, a local and the eventual Brisbane buyer.
Hoffman said buyers were “coming for a bit of that mindful change where they’re wanting to get out of the hustle and bustle. They’re wanting a little bit more of a quieter, pared-back lifestyle.”
“Our kids ride their push bikes every day … and meet the kids in the park. And it’s almost like that ’80s … great old-school lifestyle. I think that is really popular here.”
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