August Market Trends

If you thought that the real estate market cools off in Winter, think again! Despite being in one of the coldest and darkest months of the year, things have been busy here at First National Newcastle City.

We have seen a strong surge of first home buyers in the under $650k market after the stamp duty laws were changed on the first of July. We have also witnessed a growing interest in and around Mayfield. Another trend that has made our Winter very busy is the success of our off the plan apartment to a mix of Sydney and Newcastle buyers. Read why below.

Mayfield buyers

Recent home buyers in 61 Havelock St Mayfield. Home sold by Andrew McKiernan in 7 days, achieving $655,000. 

First home buyers entering

Now is the time to buy for first home owners. The changes implemented on the 1st of July 2017 abolished stamp duty for first homebuyers of new and existing properties up to $650,000, with discounts on properties up to $800,000. Daniel Cohen from First Home Buyers Australia says the new policy will make a big difference in saving a deposit. “It’s never been harder to save a deposit in NSW in general so… we think it’s going to make a big help in letting first home buyers get that deposit together,”. We think this is great news for those looking to purchase their first home.

Mayfield Street ViewMayfield streetscape

Mayfield the second fastest selling suburb in NSW

This Winter, we have seen a lot of interest in our properties in and around Mayfield. You might have read in the Herald that Mayfield now is the second fastest selling suburb in NSW! Properties are selling rapidly because of their relative affordability and inner city location. Combining good market research and an ability to move fast will see you do well in this suburb.

Mayfield is an established community attracting families and retirees due to its proximity to the city, access to great schools and shops. Details about our properties just listed I Mayfield can be found here. 

Off the plan sales

We have been pleased to see the success of our off the plan apartment sales here at First National Newcastle City. The interest in the Diez apartments in Mayfield, architecturally designed apartments that ooze style and modernity, has been huge. 75% are now sold after only a few short months on the market. We have also seen our Dimora Apartments in Merewether sell rapidly. These boutique apartments are within walking distance to the beach are already 40% sold.

We look forward to keeping up the good work in a busy Spring! 

Warm regards,

George Rafty

Find out more about First National Newcastle Principal and Real Estate Agent, George Rafty here

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