Upper Hunter Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Upper Hunter* recorded a median house price of $530,000, and a median unit price of $398,000. This represents annual (Q2 2023 – Q2 2024) median price growth of 5.7% for houses and 28.6% for units. Total house sales decreased between Q2 2023 – Q2 2024, by -2.8% to 174 sales (in Q2 2024) and increased for units, by 41.7% (to 34 sales in Q2 2024). Whilst housing sales has declined, prices continued to rise; thus an undersupply of houses. Confidence has returned to the unit market, with units in high demand and prices climbing. Overall, this suggests that now is an ideal time for owners to capitalise on their investment.
CHANGE FROM LAST
YEAR
Upper Hunter will see approximately $753.1 M of new projects commencing construction in the 2nd half of 2024. Commercial
$27.2M
HALF YEAR
HOUSE SALE S Infrastructure
HOUSE ME DIAN PRICE
$725.9M
HOUSE RE NTAL PRICE
UNIT SALE S
A focus on infrastructure development will improve liveability for residents, whilst also creating employment opportunities during the construction phase. This can attract more people to live in Upper Hunter, which should have a positive spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$530K
$398K
MEDIAN PRICE Q2 2024
$530
SALES
AVERAGE DAYS ON MARKET Q2 2024
58
79
HOUSE
U N I T
RENTALS
$400
AVERAGE DAYS ON MARKET Q2 2024
22
26
HOUSE
U N I T
The largest infrastructure project in the 2nd half of 2024 is the Singleton Bypass ($700.0M), which will add 8km of new highway. This will improve the connectivity between places of business and residence in the area. Other infrastructure developments in this period include: •
The Singleton Military Area Reticulation Upgrade ($20.8M)
•
Crinoline Street Pipeline Relining Works ($239K)
The most significant commercial development of the 2nd half of 2024 is the Racing NSW Scone Race Club Horse Stables ($25.0M).
With no ready-to-sell residential projects in the pipeline the Upper Hunter area will continue to see an undersupply in both houses and units. This suggests that current trends of increasing price growth will continue.