Newcastle Property Market Update March 2020

The first month of 2020 saw the property market continue to look optimistic for the rest of the year in Newcastle and surrounding regions. Straight off the bat in January we saw a record sale of $3.28 million in the Iris Capital’s East End development in the heart of the CBD. This purchase now takes the crown of Newcastle’s most expensive penthouse to be sold per square metre at just over $21,000 per square metre for the 155 square metre threebedroom luxury apartment.

There are rumours of a record setting sale in the inner west suburb of New Lambton which is seven kilometres from the Newcastle CBD. The property in question is a substantial home situated on Ridge Street and appears to have transacted in the high $3 million bracket, which, if true, smashes the suburb record significantly. The next highest listed sale in the past 12 month period in the suburb was 10 Grinsell Street, New Lambton for $1.712 million in September 2019. These kinds of sales look likely to continue as we are seeing an increase in buyers purchasing in the area and medical professionals moving to the area due to the proximity to the largest hospital in Newcastle, John Hunter Hospital.

Even though 2019 brought stricter consumer lending conditions and requirements by all banks thanks to the Banking Royal Commission, this has not slowed the demand for people wanting to buy properties in the surrounding Hunter area. There has been a continuing trend of first home buyers still keen to buy blocks of land around the Thornton, Bolwara and Chisholm areas just out of Maitland (30 kilometres from Newcastle CBD), seemingly eager to take advantage of the First Home Buyer’s grant for new builds before any changes to the grant take place.

Other continuing popular suburbs on buyers’ lists are Mayfield, Islington, Maryville, Wickham and Tighes Hill, all being within seven kilometres of the Newcastle CBD. These suburbs are being flooded by younger first and second home buyers and also baby boomers who are selling up and moving closer to the action of a buzzing Newcastle.

Other surprise locations with increasing buyer activity are around Lake Macquarie suburbs including Swansea, Windale and also Belmont. There has been an increase in buyers who are likely snapping up the slightly lower priced properties compared to the above mentioned suburbs. Former Newcastle Lord Mayor Jeff McCloy has parted ways with his waterfront Belmont property which is believed to have been sold for over $4 million, another record setting sale for the Lake Macquarie area.

Speak with a Newcastle Mortgage Broker today.