NSW valuer-general releases residential property report
Residential property in NSW is the subject of a report by an official government body - with data indicating that the price of real estate is likely to rise over the coming years.
While some homeowners experienced a slow market with decreased buyer interest and relatively low turnover, the state valuer-general has said that many markets have experienced "moderate growth".
Philip Western stated that - while the high-end of the residential property industry had experienced its share of ups and downs - most areas covered by his department had held steady or enjoyed "slight increases" in the 12 months prior to June 30 2011.
The only exception to this was found in the Newcastle and Central Coast areas, which had a "levelling out" in most property prices - while the prestige sector experienced a "slight decline" in values.
In addition, the impact of increased resource project activity in the inner-west regions around Moree and Albury was noted to be a key driver of real-estate activity.
Western asserted: "Regional towns influenced by employment growth in the mining sector have generally seen stronger than the average growth."
"Overall land values for the whole of NSW have increased 1.7 per cent in the 12 months to June 30, 2011."
