If you are lucky enough to own a home in the Blue Mountains, you will have seen your property value increase by almost 50 per cent in the past five years.
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And CoreLogic economist Kaytlin Ezzy said while property values have dipped by eight per cent since the COVID peak of June 2022, a rise in prices is again being tipped later this year if the expected interest rate cut hits.
CoreLogic property data shows the Blue Mountains median house price now sits at $874,515 - an increase of a whopping 41.6 per cent in the past five years.
Most of that growth occurred during the height of the COVID-19 pandemic - with the rush by city dwellers to move to less populated regional spots with big blocks and fresh air.
This is evident by the slowdown in that growth in the past 12 months to a 6.9 per cent increase Mountains wide across all dwellings (houses and apartments) and a drop in housing values by -0.3 per cent in the past three months.
The biggest growth in equity has been in Mount Riverview, Blackheath and Warrimoo.
In the past five years properties in Mt Riverview have grown by 48.6 per cent and the median price (the middle of valuations) now sits at $982,189. Since last year, it's increased by 7.6 per cent and in the last three months there's been a 0.1 per cent boost.
Chris Rayner from Chapman Real Estate isn't surprised Mt Riverview has had the biggest growth. The small community of about 1300 properties only ever has "a handful for sale" at one time and "days on the market are pretty low," he said.
Last year he broke a market record in the area when he sold 6 Bunbinla Avenue. The five bedroom, three bathroom property on 1,520 square metres broke a record by increasing in value by $993,000 when it sold for $2,343,000.
"I was disappointed I didn't have the million dollar record," he said.
It's now for sale again and was already under offer after a week on the market. Mr Rayner expects it will sell in the mid two million range.
Mr Rayner lives in Mt Riverview and said "for a long time it's offered good value, it's further out, the blocks are a good size, there's wildlife and good parks ... we had a koala the other day," he said laughing.
Other top growth villages include, at the top of the Mountains, Blackheath which has increased in dwelling prices by 47.7 per cent since April 2019. The median price in that village is now $814,541, it grew 5.6 per cent in the last 12 months, but in the last three months prices have decreased by -0.7 per cent.
And Warrimoo's prices have grown by 47.6 per cent in five years. The median is $861,750 and in the last 12 months it has grown by 9 per cent and has still increased in the last three months at 2.8 per cent.
Ms Ezzy said it's all about supply and demand where dwellings are still increasing in value.
"The divergence in growth - comes down to supply and demand," she said.
"When it's pretty tightly held, there's nowhere to buy, more people are competing for the one property."
Blaxland has grown by 45 per cent increase in five years. Blaxland's median home price is $982,096. This year there was a 10.2 per increase, but there has been no growth in the last three months.
Lawson's median is now at $768,513, with a drop of -0.2 per cent in the past three months, after a 9.2 per cent growth in the last year and a 45.3 per cent growth in the last five years.
Faulconbridge has a median of $906,453, and grew 44 per cent in the past five years, 10.8 per cent in the last year and had a 0.8 per cent growth in the last three months.
Glenbrook is in the million dollar club and sits at $1,159,592, with a 1.1 per cent growth in the last three months, 13.3 in the past year and 43.7 per cent in the last five years.
A CoreLogic spokeswoman said "growth rates are based on changes in the CoreLogic Home Value index, which take into account value changes across the market".
Other villages are as follows (median price, three month growth, 12 month growth, five year growth):
Hazelbrook: $776,567, -0.4%, 9.2%, 42.9%
Katoomba: $776,159, -1.4%, 0.8%, 36.5%
Leura: $898,865, -2.1%, 0.1%, 32.5%
Mount Victoria: $692,975, 0.3%, 2.7%, 41.8%
Springwood: $848,344, 0.8%, 9.8%, 42.5%
Wentworth Falls: $893,044, -1.3%, 1.2%, 37.1%
Winmalee: $871,429, -0.4%, 10.2%, 42.1%
Woodford: $805,346, 0.3%, 9.0%, 37.6%
Data source: CoreLogic
