The Central West is now the second fastest area in NSW and the fifth fastest across Australia for housing price growth.
Data from analysts CoreLogic shows the value of properties in the Central West, covering an area that includes Bathurst, rose by 6.7 per cent in the year to the end of May.
Median value of houses in the Central West is now $322,413 (up from $301,243 a year ago) and units are $277,141 (up from $246,948).
The Central West was narrowly beaten into top spot in NSW by the Southern Highlands-Shoalhaven region, which had a growth rate just 0.1 per cent higher.
The Central West bucked the national trend, which saw values across Australia drop for the first time in six years. Housing prices in Sydney fell by 4.2 per cent in the same time Central West values went up.
Hobart was the fastest growing area of Australia with real estate values up by 12.7 per cent over the year.
Panorama Real Estate director Peter Rogers said the growth in value for Central West properties has been “unbelievable” in recent months.
“The growth has mainly come people wanting to get a sea change,” he said.
“Congestion in Sydney is a big factor of the change and people are finding they are spending too time on the roads.
“They spend less time on the roads out here. We have good education and shopping facilities and you can go to Sydney and back all in one day.”
Mr Rogers said it’s good to see a growth in the market but wants to see it remain sensible and sustainable.
Professionals Bathurst executive assistant Brent Osborne said the increase in the median value of houses in the region makes for exciting times in the Central West real estate market.
“We’ve been seeing some really good interest from Sydney and people investing, taking the tree change, cashing out and buying a nice home out here,” he said.
“It’s a bit hard to predict the future of the housing market but I think the growth will continue.
“We’ve got a really good diverse economy in Bathurst.”
Mr Osborne described the market’s growth in the past 12 months as “phenomenal”.