What regions are Millennials moving to?
The March quarter saw migration into regional centres from capital cities increase by 16.6 per cent, with this trend lar...
Camden Haven, a small town on New South Wales’ north coast, has seen a surge in property market activity in the last 12 months.
According to a report by PRDnationwide, sales transactions in the area have increased by 57 per cent in the past year.
“There's been increased interest from locals, but anecdotal evidence suggests the region is also being closely observed by buyers from intra- and interstate,” PRDnationwide research analyst Oded Reuveni-Etzioni said.
He said that while prices currently remained low, the spike in interest may soon begin to push property values higher.
"The median price for a house in the Camden Haven region was sitting at $385,000 in August, which is up around five and half per cent from the same time last year,” Mr Reuveni-Etzioni said.
“Demand is outstripping the supply of houses available for purchase and continued interest should result in rising prices in the coming months,” he said.
The suburb of Lake Cathie has been particularly popular, recording 46 transactions in the six months to August 2013, compared to 18 over the same period in 2012.
PRDnationwide Laurieton sales manager Simon Hancox said the market was benefiting from increased confidence.
“Buyer confidence is up and they are competing for stock in that middle price range of $350,000-$399,000. Limited supply and a number of new buyers on the prowl helped clear stock that had been on the market for an extended period,” he said.