Welcome to 2023!

Last year saw a rapidly rising serious peak in the property market and while interest rates and economic factors are now playing a major role in property prices in the short term, let’s take a critical look at what the data is saying.

Data has long played a role in property, and in our day and age, we have access to copious amounts of data!

While data analyst experts CoreLogic recently pointed out the national housing Daily Home Value Index (HVI) hit a record decline of -8.40% on 7 January 2023 after peaking on 7 May 2022, our region is holding its own; in actual fact, HtAG Analytics show the typical house price in Newcastle City Council has marginally risen from $1,015,841 in May to $1,036,127 in December.

When reviewing year on year house price values, our region’s property values are still on the up from this time last year.

HtAG Analytics’ capital growth heatmap visualises yearly house price changes in New South Wales. According to this real estate data specialist, Newcastle has seen a year on year rise of over 7%, and Lake Macquarie has seen a year on year rise of nearly 5%.

As we pointed out in our blog at the end of the year, two of our regions made the Top 10 regional SA3’s with highest 12-month value growth value.

What does this mean?

Hilary Mason, data scientist and founder of Fast Forward Labs apparently said: “Data is a tool for enhancing intuition.”

Having been in the business for nearly 50 years, we consider we have good intuition. None of us have a crystal ball, but we do believe property will continue to hold its own for a while yet.

While interest rates have risen seven times in as many months, there is still confidence in the market – after all, we all need somewhere to live.

Should I sell now?

Sometimes, life events may dictate when you should sell, but for many of us, we can plan and the need to sell isn’t so urgent; it’s often down to either ‘out growing’ a house, or wanting change in lifestyle.

The thing to remember in property is, it’s all relative; if your property has increased in value, so has the property you want to buy. The critical factor is doing the number crunching and working out your budget.

The other critical factor in the decision-making process is getting the right agent to ensure you get the best price in the current market.

And this is where we come in.

As of Newcastle’s longest established real estate offices, we have developed unique marketing strategies to ensure your property appears at the top of the search list for your type of property. Plus, we have a database of potential buyers looking for many different types of properties, so we can get your property directly in front of people genuinely interested in your type of property.

Read our blog on How to get the best price for your property to see what else us apart from other real estate agents.

So, if you’re thinking of selling, or would just like to know what your house could get in today’s market, contact us for a free, independent and non-obligatory quote. Our experienced and innovative team can give you great advice on what you can do to improve your property right now and we are constantly achieving great results for our clients.

We’d love to see you in our Cardiff office or you can give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.

If you’re looking for more handy tips on selling your property, or what to look for when buying or selling a property check out our Facebook page.