This market presents the perfect opportunity to buy property. As buyer’s agents in Newcastle, we haven’t seen a buyer’s market this favourable since the GFC. Those who bought during the GFC have since reaped the rewards.
Experts believe we’ve seen the worst of the decline. Director Kylie Frearson is excited because she hasn’t seen the market represent such good value for buyers since the GFC.
Now that buyers have a better understanding of the new mortgage lending criteria and there’s news of the worst being over, we’re seeing buyers re-enter the market. Added to that, Newcastle is an exceptional case with excellent employment and billions being invested in private and government infrastructure. It’s created a buoyancy and strength of economy most other cities can’t compete with.
- 2 bedroom home in Hamilton South – We appraised this home at $950,000- $1,000,000 – we managed to snap it up for $870,00 after some clever negotiating.
- 3 Bedroom in the suburbs – We appraised this home between $495,000 – $510,000 and managed to purchase it for $480,000 after extensive negotiations with the agent. Even better news? Due to our relationship with the agent, we’ve got a tenant moving in the day after settlement, so the new owners have income immediately!
4 Bedroom House in Mayfield – We appraised this home at $700,000-$750,000 with an estimated rental return of $580-$620 per week. We ultimately paid $715,000 and secured tenants at $650 per week, again with them moving in 1 day after settlement.
As you can see by our buyer’s agent case studies, now is a great time to get into the market. But remember, there are still plenty of dud properties out there and we’re seeing plenty of people paying way too much for them. So, do your due diligence, know your areas, get professional, independent advice and make sure you know how to negotiate. Property is a long term investment and if you would like us help you achieve your property investment goals, click here to get in touch.