It’s been an interesting few years in the Australian property market, to say the least. When all of the experts predicted the market was going to fall off a cliff, we saw unprecedented growth, proving no-one can predict the future. This year has been a completely different market altogether. In Newcastle we saw it slow down at the beginning of the year. It appeared that FOMO had disappeared and people were waiting to see what would happen. Many properties were wallowing on the market for weeks or even months. There was a lot of unsurety with the impending election and the unexpected interest rate rises, so again, people waited to see what would happen – and many hoped for a bargain.
Whilst the major Capital cities have seen small drops, overall, the Newcastle market has remained fairly strong, if not a bit sporadic and unpredictable. Some properties are going well above what we deem market value, yet we’re picking up others for great prices.
At Property Solutions 101, we’ve been getting some great buys for our clients. Some suburbs are seeing a definite softening, which is where we’re recommending our clients buy, while others are remaining very strong. For example, Mayfield has had a huge few years, prices have been rising and there has been frenzied buying. We had been steering investors away from the area as we weren’t seeing value. Late last year, it was impossible to get a (habitable) three bedroom home under $800,000. We recently bought one for $710,000.
We’ve noticed a small spike in the last two weeks with some properties that have been on the market for months seeing multiple offers. If you’d like any more information about our insights in the Newcastle property market, please don’t hesitate to get in touch.
