Newcastle property market continues to hold steady: HTW
The Newcastle and Hunter region property market has continued to hold steady through the ongoing pandemic, according to the August Herron Todd White (HTW) residential report.
The valuation firm presented an 'investor playbook' of real estate performance.
Whilst buyer uncertainty has not stopped investors purchasing property, the volume of quality properties on the market has not fully recovered but it’s on its way, the report noted.
"Property prices in Newcastle and Lake Macquarie rose ever so slightly in the last three month period even with the region shedding 24,000 jobs," the valuation firm said.
Agents have noted that investors from outside of the region are showing interest in purchasing investments. With the pandemic and with people still working from home, investors looking for a sea change have Newcastle and regional properties under the microscope.
Property experts are predicting there could be market movement later in the year which we will be monitoring for future discussion.
"The good news is that properties in the areas are still selling even though there is less stock on the market.
"The overall volumes are quietly increasing as we get further into the back half of the year. Areas around Lake Macquarie and Maitland areas are still popular for investors looking to buy land and build property," the valuation firm said.
Vacant blocks of land are still selling for similar prices before Covid 19 hit earlier this year, the report noted.
The suburb of Eraring in Lake Macquarie saw the sale of one of the largest waterfront properties available.
The property at 17B Payten Street (pictured below) was sold for an undisclosed amount which is believed to be around the $4 million mark which would be a suburb record and also one of the highest in the Lake Macquarie region.
In the Port Stephens region north of Newcastle a property overlooking Dutchies Beach at 2 Gloucester Street, Nelson Bay (pictured below) recently sold for a record $3.195 Million which is the highest price paid in the Nelson Bay area for a residential property, the report noted.
