Newcastle’s median house price has increased by 9.8% to $661,501 for the year to December 20, as reported by CoreLogic .
Property prices in Newcastle have increased as demand for property has risen due to the following factors; a move to the city, as buyer are seeking an improved beach side or lake side lifestyle, buyers working more from home as a result of Covid19, low interest rates making repayments more affordable and reduced supply from lower building approvals in the prior year.
Rental properties are also in great demand. Vacancy rates are some of the lowest on record. This has been caused by increased demand for property with people move to the city.
Newcastle offers an excellent lifestyle and employment opportunities while property prices are very affordable in comparison to capital city prices.
Scott Walkom, Director, Walkom Real Estate
12.1.21