Newcastle residential market in decline, but losses limited: HTW

Newcastle residential market in decline, but losses limited: HTW
Newcastle residential market in decline, but losses limited: HTW

Despite initial fears, prices haven’t taken a huge tumble within the Newcastle and Hunter Region, according to the latest Herron Todd White (HTW) residential report. 

The report notes that the Newcastle property market hasn’t seen the huge falls in prices some capital cities have.

"Typically, the property market works in cycles and via our Herron Todd White property clock, we have indicated that our region is now in decline, but this is off the back of solid increases in property prices throughout the past few years," the valuation firm said. 

"This type of growth cannot be economically sustained and thus the real estate market can be seen as correcting itself.

"We have also noted that many buyers in our local area are finding themselves with more choice and much less pressure to make an offer. There are no longer three people in line ready to make an offer on the same property.

"You will find the well-priced and quality properties in preferable locations are still selling well despite all the talk of declining prices.

"These quality properties become the standout in these conditions and the gap widens between primary and secondary properties.

"We’ve also identified that suburbs which were previously out of the budget of buyers are now becoming more attainable."

Previously some buyers who were looking at outer suburbs such as Highfields and Kahibah can now expand their search areas without expanding their price bracket much to include suburbs closer to town such as Adamstown, Kotara and some areas of New Lambton.

The typical blue-collar suburbs including Merewether, Cooks Hill and Bar Beach are just as popular as ever, but prices are softening in these suburbs.

The more affordable first home buyer suburbs such as Mayfield, Hamilton North, Waratah and some properties in Tighes Hill are also softening, but here the quality properties are constantly selling quicker than others on the market.

"Interestingly, there are still many record-breaking sales happening across Newcastle," the report noted.

It referred to a recent sale in Adamstown Heights.

Renovated with the help of a local architectural firm, this large family home (pictured below) sold for $2.15 million in March 2019.

The property at 3 Ragan Close has five bedrooms, three bathrooms and two car spaces with a large backyard and swimming pool.

Newcastle residential market in decline, but losses limited: HTW

There has been another sale of a renovated Federation home in the much sought after suburb of Hamilton South.

The auction sale has become the suburb’s second highest recorded sale at $2.25 million.

The agents originally stated a price guide of $2 million to $2.2 million.

The property at 72 Gordon Avenue (pictured below) is well-known in the area for its restored Federation features and large corner block location.

It comes with four bedrooms, three bathrooms, two car spaces and a large swimming pool and outdoor entertaining area.

Newcastle residential market in decline, but losses limited: HTW

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Newcastle Htw

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