Regional property values continue to rise
The latest CoreLogic report shows that dwelling values across Regional Australia rose 2.1 per cent in the three months to April 2024, the fastest quarterly growth rate in almost two years. In this quarter, Regional Australia outperformed capital city values which rose 1.7 per cent in the same period.
Some of our suburbs are performing well above the national average; recently, The Newcastle Herald listed the top 15 Newcastle and Lake Macquarie suburbs where home prices are positively booming.
Coming in as the most expensive place to buy a house in the Newcastle and Lake Macquarie region, is Merewether, which has with a median value of $1,834,187 and an increase of 4.8 per cent in values over the past year.
Cooks Hill is placed in second position with a median house value of $1,718,132, up 17.9 per cent followed by Lake Macquarie’s Redhead, with a medium house value of $1,701,530, up 10.8 per cent.
Hamilton South came in at fourth position with a median house price of $1,539,065 and an annual rise in values of 3.3 per cent. Coal Point placed fifth on the list (median house value $1,341,533, up 8.1 per cent) followed by Murrays Beach ($1,324,743, up 9.7 per cent); Valentine ($1,237,512, up 7.7 per cent); Eleebana ($1,220,390, up 7.2 per cent); Caves Beach ($1,214,107, up 13.5 per cent); and Kilaben Bay.
Unsurprisingly, suburbs close to water are some of the most expensive, with eight of the top 10 most expensive suburbs fronting the water. Other suburbs which command a premium are close to the city centre.
The top 15 are listed here.
Desirable region
Remote working has become more popular, and with good infrastructure, Newcastle and the surrounds are a very desirable region to live in.
Positioned as ‘a regional city where culture meets coastal charm and opportunities for education and career progression’ The University of Newcastle recently sponsored the article 10 Awesome Reasons to Live in Newcastle. While the article is aimed at students, it does demonstrate why many people are wanting to relocate here, and why our house prices are on the rise.
What’s your property worth?
With interest rates on hold again this month, and predicted to be levelling out, now might be the time to think about moving.
If you would like to know what your house could achieve in today’s market, use our free online appraisal tool by powered by CoreLogic.
Simply scan in the QR code below, enter your address and instantly receive a CoreLogic/Rpdata report with an estimate of your property pricing, plus all the latest statistics for your suburb.
If using our tool has given you food for thought, contact us direct so we can come around and give you a more accurate free, independent and non-obligatory quote.
Our experienced team can also give advice on how to present your property features to maximise your sale price. Plus, we have developed unique marketing strategies to ensure your house appears at the top of the search list for your particularly type of property.
We are a family run business with nearly 50 years’ experience, have a database of potential buyers to market to, so we can get your property in directly in front of genuinely interested people – we’re constantly achieving great results and our aim is to make your sale as stress-free as possible.
Call in and see us in the Cardiff office, give us a call on 02 4954 8833 or send us an email to: mail@apnewcastle.com.au.
For tips on selling your property and what to look for when buying a property, visit our Facebook page.