The median house price in Taree is less than half the NSW median house price.
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At $255,000 versus $600,000 housing affordability in the Manning Valley is a factor in the increasing number of people from the central coast or Sydney who are looking to purchase real estate in the region.
Manning Valley Business Chamber (MVBC) and Regional Development Australia Mid North Coast recently released its economic update for the Manning Valley and revealed the median property price for houses and units.
As at March 2016 the median house price for Taree was $255,875 – a decline from the 2015 median house price of $259,750. For the Manning Valley, the median house price by number of bedrooms was two bedroom $190,000, three bedroom $245,000 and four bedroom $340,000. The median house price for units in Taree is markedly lower than the NSW median unit price – $187,500 to $600,000.
Elders Real Estate Taree agent Greg Coleman said the region offered affordable properties and “was a factor in the increasing number of people from the central coast or Sydney who are looking to purchase real estate in the region”.
“They can sell their home and buy something bigger or better up here for the same money,” Mr Coleman said.
“One of the factors that keeps prices down is employment and it impacts on the real estate market, particularly at the top end.
“In the last three years we’ve seen an increase in prices at the lower end of the market between 0 and 16 per cent. The lower end of the market has been on an incline but the top end of the market has flattened out or even fallen backwards.
“There is not a lot of stock around at the lower end of the market because it has been active. If the presentation is right and the price is right then properties priced at $400,000 and under will sell quickly.”
MVBC also raised the issue of employment in its report and cited Australian Government Department of Employment data that revealed unemployment in the Manning Valley was almost twice the national rate and increasing – 10.2 per cent and an increase of 1.7 per cent in 12 months.
ainslee.dennis@fairfaxmedia.com.au