Newcastle ticks many boxes for aspiring home owners in $500,000 range despite influx: HTW

Newcastle ticks many boxes for aspiring home owners in $500,000 range despite influx: HTW
Newcastle ticks many boxes for aspiring home owners in $500,000 range despite influx: HTW

What will $500,000 buy you in Newcastle if you are an investor or a home buyer? Property valuation firm Herron Todd White has sought to answer this question in its July 2016 residential market report.

"The past year has seen an influx of Sydney and overseas buyers calling Newcastle home, well at least, the address is here. For whatever purpose, whether it be an investment, to reside in or just a place to park money for a bit, the activity has driven prices up in this once coal driven city," write HTW.

The first home owner market is still thriving with young Australians continuing to pursue the dream of owning their own home and with government incentives still available for home and land packages, Morisset ticks a lot of the boxes - close to the M1 for Sydney commuters, within half an hour of major shopping at Tuggerah and Glendale, an array of builders and still under the $500,000 mark. The downside is that blocks are smaller than average, and you’ll get to meet you neighbours regularly when you’re hanging out the washing, so ideal for young families.

Closer to Newcastle and if investment or down sizing is the intention, then look no further than Mayfield. Mayfield has that inner city vibe without the inner city price tag. A neat and tidy three-bedroom, two-bathroom home fetches a modest sale that is close to amenities and transport. If you play your cards right, you could even have enough change for a cup of fancy coffee at one of the new cafes on the main drag. In some cases you could even get some cake to go with it.

One of Lake Macquarie’s hidden gems is Jewells. A purpose-built suburb in the 1970s, most homes are brick and sturdy due to the design covenants enforced at the time of construction. What that means now is that a solid family home is pretty much ready to move into after a lick of paint and a trailer load of agapanthus from nearby Bunnings.

"Jewells has seen growth of around 26.3% in the past year, so you need to be quick because that ship has almost left the dock. If investment is your goal, then land is a quick way to make a profit. You could even buy two blocks and on sell if you don’t intend to build."

There are parts of Nelson Bay that are worth considering - West Wallsend, Gillieston Heights and Cessnock are all on target for further investigation and due diligence, the HTW report noted.

"So wind your windows down, take a drive, absorb the vista and get your cheque book ready. Happy hunting!"

As an illustration, Property Observer found a recently sold three-bedroom house in Morisset at 55 Pulbah Street for $390,000.

Newcastle Residential Market

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