BATHURST may have retained its spot as having the most expensive median house price in the Central West, but it has not recorded the highest growth during the past year, new data shows.
The Domain State of the Market Report, December Quarter 2018 released on Thursday shows the average house prices across in the region and how much they have grown in recent years.
Bathurst topped this list for the most expensive median house price at $450,000, followed by Orange at $415,000, Dubbo at $365,000, Cowra at $285,000 and Young at $275,000.
However, while Bathurst might have the highest median house price, the location that experienced the biggest growth during the past 12 months was Cowra with a 7.5 per cent jump.
During the past year, the median cost of buying a home in Cowra increased by $20,000 – from $265,000 to $285,000.
Bathurst also experienced a substantial jump, rising by 7.1 per cent during the reporting period, from $420,000 to $450,000.
The other locations also experienced an increase, including: Orange which jumped by 7.0 per cent ($387,750 to $415,000), Dubbo which increased by 2.8 per cent ($355,000 to $365,000) and Young by 1.3 per cent ($271,500 to $275,000).
Looking back a little further to Domain’s data from 2013 shows just how significantly the region’s median house costs have increased.
Costs in Cowra skyrocketed by 48.1 per cent in just five years – from $192,5000 to $285,000.
The median cost in Bathurst recorded the second highest increase, with the price jumping by 31.5 per cent from $342,250 to $450,000.
Prices spiked in Young by 28.7 per cent (from $213,750 to $275,000) during the five-year period, Orange rose by 19.7 per ($346,750 to $415,000) and Dubbo increased by 18.9 per cent ($307,000 to $365,000).
The Domain report also showed a continuing cooling of the Sydney housing market, with house prices recording the steepest fall in more than two decades, pushing prices back to mid-2016 levels.
House prices fell 3.2 per cent over the quarter and 9.9 per cent over the year to $1,062,619.
Unit prices fell 3.3 per cent over the quarter and 5.8 per cent over the year to $702,012.