The Newcastle property market has been hurtling along at record rates with an overall rise of 24.8% for the year up until now, twice the rate of the rest of the country.
It seems as though the rest of Australia has finally discovered what Novocastrians have always known – Newcastle offers an idealistic lifestyle and is the perfect place to raise a family.
According to market experts, Core Logic, while growth is continuing, it is beginning to ‘normalise’. We are no longer seeing the unprecedented growth we saw last year and are unlikely to see it at that extraordinary rate again.
Regional NSW outpaced Sydney and Melbourne in July, however, the rolling 3 month rate of growth in the regions from May to July fell from 7.8% to 7%.
With the migration trend to regional areas continuing, it’s likely that demand for housing will endure and push housing prices upward. However, the past year’s rate of growth is unsustainable and unlikely to persist.
As buyer’s agents in the local area, we have seen investors return to the market, along with the first home buyers and a string of out-of-towners wanting to get into the Newcastle market now, with plans to move here in the next five or so years. Just as the experts are reporting, we are seeing a lack of stock causing people to pay ever increasing prices for the houses that are available. That coupled with record low interest rates is creating a very hot market, even with continuing lock downs.
For more inside knowledge and to answer any of your questions on the Newcastle property market, please don’t hesitate to give us a call.
7B Minnesota Way, Warners Bay
A return client was looking for another property investment up to $800,000.
However, this great home came to us off market through our network and we purchased it for $695,000
Bought off Market: $695,000
5 Coldstream Crescent, Rankin Park
Bought off Market: $700,000