As Real Estate agents, we are lucky to have a bit of an insider’s view of trends and patterns in the market. We want to share this great information with you so that you have all the knowledge you need when deciding your next property move. Throughout my 25 years’ experience in the industry, I have seen all different market trends, but like everyone, I also have my own insights into the future of the Newcastle Market. Here are my thoughts on the trends I have noticed and which areas of Newcastle will boom in the future.
Recently there has been a noticeable movement in the Newcastle market to what I call the ‘outer rim’ suburbs. People are realising the potential of suburbs outside the Newcastle CBD and capitalising on it. Once the million-dollar price tags were reached in suburbs such as, Adamstown, Kotara, New Lambton, Lambton and Georgetown, there has been no stopping them. Properties are now being sold nearly every weekend in the million-dollar range, with people flocking to auctions. People are being drawn to these suburbs for the pure value of what is available, large homes on great blocks with big backyards for the kids. The median house price in Adamstown is $700k, an annual price increase of 7%, and this will continue to increase in the next few years.
Recently sold in Adamstown, 7 Madera Close
Recently sold in Adamstown, 61 Princeton Avenue
Now that people are seeing the value in the ‘outer rim’ suburbs, I believe the next boom will be in the suburbs just to the west, including Elermore Vale, Shortland, Glendale, Cardiff and Birmingham Gardens. As infrastructure goes in around the area and transport options improve, we’ll see a significant price increase in these suburbs over the next few years. One project due to boost the value of land in Glendale and Cardiff is the Lake Macquarie Transport Interchange. The $25-million section of divided roadway linking Main Road Cardiff with the Glendale retail precinct expansion is fast taking shape. This project should establish Glendale and Cardiff as an employment super-hub and regional transport interchange.
Why the growth?
The continued growth in Newcastle’s ‘outer rim’ suburbs is due to the influx of Sydney buyers to the Newcastle region. Sydneysiders are getting sick of sitting in traffic, and are now looking to make the move to the more lifestyle oriented regional areas, whilst still being close to Sydney. Newcastle, Wollongong and the Central Coast have all benefited from this trend and will only continue to grow as more people make the move.
Buyers are drawn to Newcastle’s relaxed, waterside lifestyle. Pic from First Site Imaging.
Our interest rates are set at a very reasonable and affordable rate, so home-buyers are confident that they can commit to mortgages. Recently, the RBA left the cash rate unchanged once again, and it still sits at a record low of 1.5 percent, with experts believing there are no significant increases planned. It’s a great time to be in the market and it will only continue to improve for the outer rim suburbs of Newcastle.
If you have any questions about the Newcastle market, please feel free to call me on 0419 267 426 or contact me here.
Licensed Real Estate Agent, First National Newcastle City