We are in the top 10! for annual dwelling value change in regional areas. The NAB Housing Price Update in June 18 shows Newcastle and Lake Macquarie were up 5.2%. Sydney’s house prices by comparison was down 4.2%. Also, the BIS Oxford Economics forecast that Newcastle’s median house price is expected to increase by 6% in the next three years by 2020/21 to $650,000.
Just a few days ago, BIS Oxford Economics predicted a 23% fall in residential building starts in the next two years. Falling to 170,000 per year from the peak of 220,000 per year. This is actually good news, as less properties built, will reduce the risk of over supply in the property market creating a stabilising effect on house prices into the future.
The main drivers of the Newcastle property market are very good with; positive on going impacts from ‘$650M revitalise Newcastle program’ bringing in new infrastructure; the Light Rail (completion due early 2019), the Newcastle University Campus CBD expansion, upgrade of the RAAF base for the Joint Strike Fighter, a strong mining sector in the Hunter, and urban renewal as a result population growth from more dwellers in the newly finished apartments in city. Migration to the city is popular as our median house price is 50% less than Sydney’s. It’s a more affordable city, with excellent; health care, education, top rugby league and soccer teams, all combined with a great lifestyle.
NEW-CASTLE ! NEW-CASTLE !