Lake Macquarie records 20% sales increase over two years

New South Wales' Lake Macquarie has recorded a 20% increase in sales transactions over the past two years, results from PRDnationwide's Property Watch report have calculated.

This result aligns with $100 million of spending from public and private enterprises on ew facilities, such as the Cameron Park Marketplace shopping centre, stores and a new train station at Cardiff.

Harrison Hall, a PRDnationwise research analyst, said that new developments will cater for employment opportunities in the contruction industry.

“We've seen median house prices soar by 6.4% over the past two years and the unit market is following a similar pattern,” Hall explained.

“The investment in public amenities, new property developments and care facilities for an ageing demographic combined with its proximity to the burgeoning economic centre of Newcastle is certainly boding well for Lake Macquarie's real estate industry.”

PRDnationwide expanded further in Lake Macquarie at the end of 2013.

Entry prices have gathered strong pace in Cardiff, a Lake Macquarie suburb, over the past few years. The median house price is currently at $363,500.

Photo courtesy of Wikipedia/Creative Commons.