14 July 2010

Inland NSW is the new property hotspot

Employment, lifestyle, value for money and education are attracting more buyers and investors to inland regional areas of NSW, according to leading property group Raine & Horne.

Raine & Horne CEO Angus Raine said Australians traditionally loved being near the coast and therefore often overlooked larger inland regional areas, which were currently enjoying an employment and property boom.

“Many of these regional areas such as Bathurst, Tamworth and Wagga Wagga have high rates of employment and booming agriculture, healthcare and education sectors. Professionals and families are attracted by the country atmosphere, yet they don’t have to sacrifice big city comforts," Mr Raine said.

About 200km west of Sydney and with a population of 37,000, Bathurst is Australia’s oldest inland settlement.

Raine & Horne Bathurst principal Matthew Clifton said the city had a large percentage of out-of-town investors who had bought or who were currently looking for investment properties.

"The housing affordability of wartime Prime Minister Ben Chifley’s home town is a major attraction. Three bedroom houses with a single or double lock up garage are on the market from $260,000 to $280,000 and upwards, whereas something a little bigger with four bedrooms would start around $300,000 to $380,000,” Mr Clifton said.

“Bathurst offers a diverse range of employment opportunities for professionals, management, trade and unskilled workers and we currently have a 4% unemployment rate, which is below the national average.

“We are also known as an academic city, boasting the headquarters of Charles Sturt University, six high schools, 21 primary schools, a TAFE College and a Conservatorium of Music.

“There is also a strong manufacturing sector which includes Devro, Simplot and Masterfoods and branches of the Department of Lands, Fair Trading, Education and Commerce.”

Roughly 400km north of Sydney, in the New England region of NSW, is Tamworth. With a population of 50,000 it is one of NSW’s major growth centres.

Raine & Horne Tamworth principal Bryan Bolitho said he had noticed a lot of buyers relocating from Sydney, the Central Coast and from smaller regional areas further west.

“Tamworth is the largest retail centre for the New England and North West Slopes regions of NSW and the retail industry is the largest employer in the city,” Mr Bolitho said.

“Tamworth Hospital is also a major employer, with educational facilities including New England’s biggest Tafe Campus, a range of public and private schools and an access centre for the University of New England, driving buyers into town.

“You can buy a two-three bedroom house in Tamworth for anywhere between $210,000 to $250,000. Larger properties complete with four bedrooms and double garages are priced between $350,000 to $450,000."

Situated halfway between Sydney and Melbourne, Wagga Wagga is NSW’s largest inland city, with a population of 58,000. The town is also an important Australian agricultural, military and transport hub.

Raine & Horne Wagga Wagga principal Stephen Millard said Wagga was popular with investors, and that roughly one third of the town’s homes were rental properties.

“The median house price is currently $257,000 for three bedrooms and a single garage,” he said.

“The Government sector is the largest employer in the Wagga area. The Royal Australian Army has a base at Kapooka, which includes the Army Recruitment Training Centre and an RAAF base at Forest Hill incorporating the National Aerospace Training Centre,” he says. “Charles Sturt University is also in Wagga as are two major hospitals.”

Raine & Horne is an iconic Australian property firm, with more than 400 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

For further media information contact:

Angus Raine, CEO Raine & Horne on 02 9258 5422 or 0409 920 697.

Rebecca Williams, National Systems & Support Coordinator, Raine & Horne on (02) 9258 5410.