You’d be forgiven for being a little disheartened about CoreLogic’s latest Regional Market Update; the report suggests house values in Newcastle and Lake Macquarie recorded falls of 6 % over the last three months while unit values experienced a drop of 1.9 %.

However, three months can be a short time in the property market; just a year ago, we were looking at how quickly prices were rising in the same period of time!

Furthermore, with economic changes and traditional selling periods in the year, a three month comparison may not be giving the full picture.

So, let’s look at our regional property market data in a bit more detail, comparing year on year figures:

House prices

If we compare this years’ sale prices to the same time last year, we’re actually at least on a par with 12 months ago.

Using the Newcastle City Council area as an example, this property market website* reveals:

• 31 October 2021, typical house prices were $982,235
• 31 October 2022, typical house prices were $1,044, 387

For Lake Macquarie City Council, the website reveals:

• 31 October 2021, typical house prices were $819,536
• 31 October 2022, typical house prices were $888,746

Furthermore, if you look at property values two years ago, today’s prices are still higher.

So yes, whilst Newcastle and Lake Macquarie regions do show a declining market for the last three months when the interest hikes started to take effect, when comparing year on year figures, we continue to have growth.

Number of sales

The data also revealed that dwelling sales in the region dropped 18.7 % compared to one year ago.

Well, a year ago, we were right in the middle of a pandemic and many people were choosing to move out of the cities for a better lifestyle.

Now things have calmed down a bit, while there is still a movement to the area, it’s not quite as intense as it was a year ago.

CoreLogic points out sales are 18.7% lower than one year ago, but actually, they are in line with the five-year average for the region.

Average time on the market

CoreLogic’s report shows houses are spending more time on the market with a current average of 26 days recorded in Newcastle and Lake Macquarie compared to 18 days one year ago. However, units are moving slightly faster than last year; units are on the market for 25 days compared to 26 days this time last year.

They obviously haven’t spoken to us! The average time a property is on market with us is currently at 17 days.

What’s our secret?

The key to achieving good prices when the marketing and pricing is done correctly; if a property is over-priced and it isn’t in front genuinely interested buyers, it is more likely to be on the market for longer, the price will be reduced, resulting in a lower-than-expected price.

Read our blog on ‘What’s our secret to sensational sale prices?’

We obviously can’t give away all of our secrets, so if you want to know more, contact us now for a free, no obligation quote. Call us on 02 4954 8833, email us at: mail@apnewcastle.com.au or call in at the office where we can answer questions, talk you through the process and give you options.

Don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.

*This website is for information only. We are not affiliated with the website in any way.