Capital city real estate markets aren’t the only ones where home prices are surging.
The latest regional state-of-the-market report by Domain shows home prices in many regional areas have soared over the past quarter and the year to June 30.
The steepest growth predictably has been in large coastal towns and popular holiday destinations.
West of the ranges the picture is slightly more subdued, with house prices in some centres going backwards.
Median prices in Armidale Dumeresq for example dropped by 2.4pc for the year to $352,000, despite impressive growth in the June quarter of 7.5pc.
Domain chief economist, Dr Andrew Wilson, said the coming months would reveal whether the growth of the last quarter in Armidale Dumaresq would be sustained.
And in Dubbo the median price dropped by 8pc over the June quarter to $337,750, to make it 2.1pc decline for the year.
However, Dr Wilson said the Dubbo region remained a sought-after destination for Sydney buyers exploring regional markets which could contribute to price growth in the coming months.
In Albury prices dropped by 4.2pc over the year to $299,225.
Prices in Wagga Wagga managed a growth of just 1.4pc over the year to $342,000.
Prices in Orange however rose by 11.8pc for the year, indicating that Orange after a period of relatively subdued activity, the city was now in “revival mode”.
But heading the growth charge statewide was Byron Bay, where a 7.1 per cent rise in median house prices in the last quarter pushed them to an annual growth of 29.2pc, and to a median price to $910,00.
Median rentals there, despite dropping 1.5pc over the last quarter to $650 a week, had an annual growth of 8.3pc, making them the highest in regional NSW.
Nearby Ballina also did well with a median house price rise of 13.4pc for the year to $597,000.
Newcastle also performed well, with an annual median house price rise of 23.5pc, to well over $600,000.
Dr Wilson, said the rise pointed to “boom time conditions” for the city.
“Buyer and seller momentum points to further growth ahead”, he said.
On the south coast areas of Wollongong, Shell Harbour, Shoalhaven and Eurobodalla prices also surged.
Wollongong median prices rose 18.8pc for the year to $760,000 Eurobodalla was up by 13.4pc to $445,000, Shellharbour up 17.3pc to $645,000 and Shoalhaven up 17.8pc to $537,000.
In the Great Lakes region, median prices actually dropped by 5.6pc over the last quarter.