Parkes ShireEconomic profile
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Parkes Shire

Housing valuation

At June 2018, Parkes Shire had a median house valuation of $241,208, $499,236 lower than the median house valuation for New South Wales.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2014-2018, Housing Valuation System

Housing values
Parkes Shire20182014Change
Housing value (at June)Parkes ShireNew South WalesParkes Shire relative to New South WalesParkes ShireNew South WalesParkes Shire relative to New South Wales2014 to 2018
House--------------
First Quartile$184,049$498,085-63.0%$191,406$361,802-47.1%-$7,357
Median$241,208$740,444-67.4%$239,947$508,933-52.9%+$1,261
Third Quartile$335,539$1,171,986-71.4%$302,906$799,290-62.1%+$32,633
Unit--------------
First Quartile$202,154$485,261-58.3%$240,865$343,269-29.8%-$38,711
Median$225,814$676,368-66.6%$249,021$496,521-49.8%-$23,207
Third Quartile$239,931$890,202-73.0%$255,053$659,154-61.3%-$15,122

Source: Hometrack 2014-2018, Housing Valuation System.

Housing values, 2018
Housing values, 2018 Third Quartile, New South Wales: $890,202 Median, New South Wales: $676,368 First Quartile, New South Wales: $485,261 Third Quartile, New South Wales: $1,171,986 Median, New South Wales: $740,444 First Quartile, New South Wales: $498,085 Third Quartile, Parkes Shire: $239,931 Median, Parkes Shire: $225,814 First Quartile, Parkes Shire: $202,154 Third Quartile, Parkes Shire: $335,539 Median, Parkes Shire: $241,208 First Quartile, Parkes Shire: $184,049
Source: Hometrack 2014-2018, Housing Valuation System
Change in housing values, 2014 to 2018
Change in housing values, 2014 to 2018 Third Quartile, New South Wales: $231,048 Median, New South Wales: $179,847 First Quartile, New South Wales: $141,992 Third Quartile, New South Wales: $372,696 Median, New South Wales: $231,511 First Quartile, New South Wales: $136,283 Third Quartile, Parkes Shire: $-15,122 Median, Parkes Shire: $-23,207 First Quartile, Parkes Shire: $-38,711 Third Quartile, Parkes Shire: $32,633 Median, Parkes Shire: $1,261 First Quartile, Parkes Shire: $-7,357
Source: Hometrack 2014-2018, Housing Valuation System

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