There is an increasing desire by people from Sydney to move into the regions and Newcastle fits the bill very well. With great beaches, friendly communities and just about all the amenities of a larger city you can see why it makes a great place to raise a family or retire.
The Hunter’s residential property market experienced strong price hikes driven by the region’s construction boom, proximity to Sydney, lack of supply and low interest rates.
The state government’s infrastructure spending helped drive skyrocketing growth in Newcastle’s inner-city development hot spot. Ref: Newcastle Herald
There has been a sustained improvement in property prices for the region as a whole over many years.
Newcastle still has its industrial roots and with the Hunter Valley coal mines on the doorstep, the city is the largest coal exporting port in the world.
During the global financial crisis of 2008, while the major cities saw property values suffer negative movement, Newcastle and the Hunter Valley property prices were experiencing the effects of one of the biggest mining booms in history, avoiding any negative movement.
But it’s not just the inner city suburbs that are soaring. Further out, suburbs like Mayfield, Lambton, New Lambton, Adamstown, Hamilton and Stockton recorded strong increases between 15 and 20 per cent.
Perhaps the biggest influencer in the current Newcastle market is the amount of urban development occurring in the city. With a $90 million refurbishment of the city’s largest shopping centre along with the largest infrastructure development the city has undertaken in decades, Newcastle is fast losing its industrial stigma and becoming a desirable and affordable sea change destination. Ref: Property Observer.
According to the NSW Valuer General, a block of land in The Quarter Deck, Merewether Heights, increased from $138,000 in 1996 to $715,000 last financial year 2016 – 2017, a jump of more than 500 per cent.
Over the same 21 years, a block of land in Ackeron St, Mayfield, jumped from $45,700 to $340,000, an increase of more than 700 per cent.
You can see this trend in a recent sale of 4 Hope St, Adamstown.
08 JUN 2018 – Sold $716,000
23 DEC 2015 – Sold $570,000
And at 92 Carrington St, Mayfield
30 NOV 2017 – Sold $572,000
23 NOV 2007 – Sold $147,500
02 MAY 2003 – Sold $225,000
If you would like to find out what your home in Newcastle could sell for, get in touch with Chris and the team at Arnold Property.