Consistent growth in Narrabri property prices

Property prices in Narrabri have experienced a year of consistent growth, cementing the town’s status as a leading market in the North West.

The median property sale price has reached $403,000, up 16.62 per cent on the previous 12 months.

In addition to a booming property market, Narrabri is one of the best locations in NSW for rental yield, at 5.8 per cent.

Data from market insights company CoreLogic showed that 188 properties had been sold in Narrabri in the last 12 months. Among the sales highlights were a residential property selling for $1.1 million and a group of townhouses fetching $2.5 million.

In Wee Waa, the median sale price for the past 12 months increased by 6.91 per cent to $201,000.

Boggabri’s median sale price was $255,000, up 15.25 per cent. The town was also one of the state’s best performing areas for rental yield at 6.1 per cent.

Data also showed that the median sale price had increased in Gunnedah to $400,000, while in Moree the median sale price dropped 12.28 per cent to $250,000.

The CoreLogic figures are similar to sales numbers from leading Australian real estate platform Realestate.com.au which shows the Narrabri median price at $410,000, up 18 per cent.

The platform’s sales data shows an upward trajectory for Narrabri prices, from $300,000 at March 2018 and gradually rising until the end of
2021.

The biggest rises in the median price during the past five years were experienced throughout 2022.

Analysts have also agreed significant infrastructure projects, including Inland Rail, will improve property markets in the long term.

The property price data follows recent figures released by the NSW Valuer-General’s office which showed strong growth in land values in Narrabri Shire.

Rural land values increased by 59 per cent in Narrabri Shire, second in the North West, with Tamworth Regional Council increasing by 61.3 per cent.

The value of residential land in the shire was also a strong performer, increasing by 19.6 per cent for the financial year.

Commercial land values increased by 9.8 per cent and industrial land by 7.6 per cent.

Narrabri Shire was fourth in the state for total land value increases by percentage, with local government areas in the Hunter Valley and Riverina regions experiencing
higher growth.

The Valuer-General’s office credited the significant improvement in values to recent favourable seasons as well as ongoing mining and gas projects in the region.

While regional property prices are on the up, analysts are expecting capital city prices to drop by as much as 10 per cent this year in some cities.

Regional prices could also be impacted, however, any decline is expected to be relatively short.