The Lower Hunter is expected to be a pressure release valve for home buyers priced out of the Sydney market, according to a property management company.
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Research by AVID Property Group, which developed Harvest Chisholm, found local land prices offered a 92 per cent discount on Sydney prices.
The Australian Bureau of Statistics’ Regional Internal Migration report showed that many Sydney-siders were looking regional, with the Lower Hunter experiencing strong population gains.
Maitland’s population has consistently grown by 2.5 per cent a year in the past decade.
AVID NSW project director Nathan Huon said the strong demand had pushed land prices up.
“There was a 1.5 per cent average lot price increase in the Lower Hunter last year and a 40 per cent rise in sales during the second half of 2016,” he said.
“With Sydney’s median house prices passing $1 million, it’s clear why people are leaving the city to live in regional areas.”
