Newcastle houses going for half Sydney prices: HTW

Newcastle has seen property boom over the past three years and valuers Herron Todd White (HTW) noted the figures show it has been the fastest growing regional city for the past two years.

Once perceived as a gritty and undesirable industrial town dominated by BHP and coal, Newcastle has transformed into a desirable coastal regional city, thanks in part to some major urban renewal projects, the valuation firm suggest.

Traditionally, the Newcastle property market has been dictated by the Sydney market due to its close proximity.

Newcastle’s average house prices are still under half that of Sydney, attracting a large number of investors looking for an affordable alternative close by.

However, there are a few factors at play to suggest that while the Sydney market obviously has a strong influence, it is not the only measure influencing the local market.

Newcastle still has its industrial roots and with the Hunter Valley coal mines on the doorstep, the city is the largest coal exporting port in the world.

During the global financial crisis of 2008, while the major cities saw property values suffer negative movement, Newcastle and the Hunter Valley property prices were experiencing the effects of one of the biggest mining booms in history, avoiding any negative movement.

Perhaps the biggest influencer in the current Newcastle market is the amount of urban development occurring in the city. With a $90 million refurbishment of the city’s largest shopping centre along with the largest infrastructure development the city has undertaken in decades, Newcastle is fast losing its industrial stigma and becoming a desirable and affordable sea change destination.

A Newcastle inner city one bedroom apartment has been recently sold for $548,000 (pictured below).

Situated within the Tattersalls building, the 603/9 Watt Street apartment comes with main bedroom with walk-in robe, balcony with views of Newcastle's working harbour, and secure car space.

It is within close proximity of Hunter Street mall, the harbour foreshore as well as Newcastle's pristine beaches.

Another new offering is a King Street five bedroom house with the price guide of $1.5 million (pictured below).

The 81 King Street house is proportioned over three levels with a generally north facing aspect.

It comprises a self contained (top two levels) three bedroom, with a large living room, older kitchen and bathroom and harbour "snippets".

Ground floor features a self contained two bedroom and sunroom flat with an older kitchen and bathroom and large open plan living room.