The next 12 months present an opportunity for regional New South Wales to clock further house-price growth, according to Raine & Horne.
Angus Raine, executive chairperson of Raine & Horne, said the 2020 has been a "watershed year" for regional NSW, which reported an average growth of 7% as more Sydneysiders fled the city lockdowns to the Central and South Coast, and many regional towns and cities.
Raine said the increased activity was not confined to big regional areas such as Wagga, Bathurst and Orange.
For instance, homes in Boorowa, a small town 340 kilometres southwest of Sydney, sell for around $420,000, which is above the asking price of $350,000.
"While more listings might slow this level of growth slightly, I’m expecting markets in regional NSW to continue to roll through 2021 and well into 2022 as more city workers realise they can work remotely, still earn Sydney dollars but live regionally," Raine said.
Data from CoreLogic show that regional New South Wales ended the year with an 8.3% annual gain in dwelling values. Regional New South Wales outperformed Sydney, which only posted a 2.7% growth in dwelling values.
