Property price growth continues in Narrabri Shire

Property prices in Narrabri Shire have continued to grow seeing the median property prices increase in Narrabri, Boggabri and Wee Waa.

The median price in Narrabri for 2023 was $420,000 according to latest figures, representing a 3.7 per cent change on the previous year.

Data from market insights company CoreLogic showed that 138 properties had been sold in Narrabri in the last 12 months. The figures are similar to those recorded by leading national real estate website realestate.com.au.

Among the sales highlights was a residential property selling for $1.325 million in the Narrabri township.

Townhouse group sales exceeding $1 million per site also featured among the list of sales recorded in 2023.

Latest data also shows the median price in Wee Waa is $238,000, up 18 per cent. In Boggabri, the median sale price is now $290,000, up 11 per cent.

The three towns were also above the national average for 2023 for rental yield, with Narrabri at 5.9 per cent, Wee Waa at 7.8 per cent and Boggabri at 6.6 per cent.

Data spanning almost five years shows considerable improvement in Narrabri’s median sale price, increasing by more than $100,000 in that time.

The latest market figures followed a recent report by the NSW Valuer General, detailing changes in land value across the state.

The report painted an optimistic future for the shire, with total land value increasing 10 per cent from July 2022 to July 2023, reaching $6.2 billion.

The North West region was also the best performing region for land value increases in NSW.

For Narrabri Shire, industrial land was the best performer, increasing 86.9 per cent, followed by residential 22.1 per cent, commercial 14.3 per cent and rural 10.8 per cent.

Increased land value was driven primarily due to increased demand for residential housing off the back of increased employment in the region due to the expanding mining industry, developing gas industry, Inland Rail project under construction and recovery of the agricultural sector over the past three years, the Valuer General’s report noted.

“Exceptions to this trend include a very strong increase to Wee Waa residential, mixed-use and large lot residential properties given its close proximity to Narrabri and affordability in comparison to Narrabri,” the report stated.

“In addition, sentiment has increased off the back of a thriving agricultural sector over the last three years and the construction of the new local high school.”

In neighbouring areas, the median sale price in Moree increased by 23 per cent to $308,000 and in Gunnedah figures show the median sale price has increased by 15 per cent to $460,000.

While regional areas have experienced consistent growth, the median sale price has stalled in parts of Sydney. In some instances, the median sale price has also declined by up to 30 per cent.