Newcastle, Melbourne, NSW Central Coast houses at market peak: HTW

Newcastle, Melbourne, NSW Central Coast houses at market peak: HTW
Newcastle, Melbourne, NSW Central Coast houses at market peak: HTW

The NSW Central Coast house market is peaking along with Melbourne and Newcastle, according to the August property clock from Herron Todd White.

HTW's monthly report found Newcastle and Lake Macquarie suburbs sustained periods of growth for residential property over the last two years, despite new release subdivision in Fern Bay, Cameron Park and Fletcher.

Houses in Melbourne, the NSW Central Coast, Dubbo and QLD's Gold Coast were at market peak in July, according to Herron Todd White.

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Newcastle, Melbourne, NSW Central Coast houses at market peak: HTW

"There are also smaller estates dotted throughout Newcastle and in particular Lake Macquarie, with Catherine Hill Bay and Trinity Point at Morisset adding to the available stock," HTW said.

"This can be put down to a number of factors including incentives for rst home buyers to build, interstate migrants coming from the more expensive Sydney market and speculative out of town investors looking to add to their rental portfolios. 

"Demand for residential properties within close proximity to the beach is one of the major drivers in the Melbourne market.

"This can be seen by the high prices at which properties are sold in suburbs along the south eastern coastline such as Brighton, Elwood and Hampton. Brighton’s median house price is $2.715 million, Elwood’s is $1.9 million, while Hampton’s is $1.765 million. 

"NSW's Central Coast has seen a sustained period of growth and demand for real estate, which has nothing to do with the recent amalgamation of the former Gosford City and Wyong Shire Councils into one big Local Government Area – the ingeniously named Central Coast Council, but everything to do with price and proximity.

"When broken down a little further, the diversity of property seen on the coast covers all wants, tastes and needs at pricing levels which are more than favourable to those seen in the Sydney metropolitan area and it’s just a short drive up the M1 Motorway to Sydney.

"First home buyers make up a big part of the economic base on the coast."

Tags: 
Newcastle Residential Property

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