Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic

Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic
Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic

Housing market performance across Newcastle and Lake Macquarie is currently mixed, according to CoreLogic's latest regional report.

On one hand, median values are increasing, up 8.9 percent for houses and 5.6 percent for units over the 12 month period ending June 2016.

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Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic

Transaction activity, however, is lower on a year-on-year basis, with just over 300 less homes transacting over the year to May 2016.

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Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic

Despite less sales activity across the market, homes are selling faster than they were one year ago, with houses typically transacting 61 days after first being advertised for sale, compared to 65 days one year ago and units moving from 61 days last year to an average of 59 days currently.

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Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic

Across the two product types, rental rates are moving in the opposite direction, with house rents up year-on-year, while unit rents have softened.

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Low activity in housing markets of Newcastle and Lake Macquarie: CoreLogic

 

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Newcastle Lake Macquarie

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