Its latest July figures show Newcastle rental vacancies fell by 0.3 of a percentage point to 1.5 per cent and the median house price is expected to grow by 18% over the next three years, but growth in the next 12 months will be slow. Newcastle’s property price growth is very similar to that of Sydney’s. Newcastle was seen as more affordable than Sydney but in recent years prices have gradually caught up to the big smoke.
In 2001 there were nearly 57,000 dwellings in Newcastle, housing a population of over 137,000 people. The Department of Infrastructure, Planning and Nature Resources projects that over the next 20 years Newcastle’s population will increase by 7% and that it is going to grow at a relatively faster rate than many other areas in Australia due to its proximity to Sydney; the relative affordability of real estate; its coastal location and the likelihood of increasing economic activity.
Many people from surrounding places, mainly Sydney, see Newcastle as an ideal spot to have the lifestyle that they are looking for. It is a great place where you can live, work and play on the coast of New South Wales!
With the average price for a brand new home in Newcastle sitting around $400,000 and high the $200,000 for a unit, many first home buyers are staying at home longer to save up for enough deposit before taking the plunge. Even with the first home owners grant, young people are finding it harder and harder to get their foot in the door with the property market.
If you have any questions relating to the real estate market in Newcastle please don’t hesitate to contact one of our staff members today.