Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic

Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic
Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic

Sales activity across the Newcastle & Lake Macquarie region has fallen by 15 per cent for houses and 27 per cent for units over the year to February 2019, with current sales activity 15 per cent below the five year average for the region, according to the recent CoreLogic Regional Market Update Report for March.

The report focuses on some of the larger regions outside of the Australian capitals.

Of the 6,921 dwelling sales that took place across the region, 5,525 were houses (80 per cent), while 1,396 were units (20 per cent).

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Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic

Source: CoreLogic

Newcastle & Lake Macquarie saw home values fall over the 12 months to March 2019, with house values down -7.5 per cent and unit values down -9.4 per cent.

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Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic

 

Source: CoreLogic

CoreLogic suggests that the largest fall in unit values year-on-year was seen across Newcastle and Lake Macquarie.

Click here to enlarge:

Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic

Source: CoreLogic

The average time on market for homes in the region has increased by 11 days for houses and 3 days for units over the past year, with the average vendor offering more of a discount to secure a sale when compared to February 2018.

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Newcastle & Lake Macquarie see largest fall in unit values in NSW regions: CoreLogic

Source: CoreLogic

Tags: 
Regional Markets Corelogic

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