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CoreLogic National housing Update July 2018
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Newcastle July 2018
The month in review: Newcastle
By Herron Todd White
Half a million dollars in Newcastle could buy you a modest 3-bedroom house in Merewether or one of Newcastle’s other sought after suburbs just ten years ago.
But what does it get you now?
Just recently, an older run down 2-bedroom house, or what agents would call a renovator’s delight, sold in Merewether ten blocks from the beach for $1.2 million, so unfortunately at the half a million dollar price point things have changed a lot over the past decade.
This time last year, we discussed the buyers who were moving 30 to 40 minutes out of Newcastle and buying larger lots with bigger and more modern houses with their half a million dollars. These properties are still about.
But is it possible to be closer to the Newcastle CBD with half a million?
The straight answer is yes, it is possible.
There are still a few 1- and 2- bedroom units in and about the CBD that can be picked up for half a million, but these generally only appeal to investors or buyers without children. What about the average family?
Unfortunately for those wanting to live less than 20 minutes from the CBD there are not a lot of options but they are about for astute buyers.
Wallsend, one of Newcastle’s larger suburbs about 20 minutes west of the city, is probably the first place buyers looking for a family home at this price point would be advised to start their search. It is still possible to pick up a 1950s to 1970s modest weatherboard home on a reasonable block size at $500,000 in or around Wallsend.
For those wanting to be closer still, bargains can be found but usually it is all land value and renovations become a necessity, generally lifting costs over the $500,000 mark.
Half a million is not what it once was, as new home buyers are being pushed further and further from the CBD and beaches of Newcastle. Even with many property analysts predicting a downturn over the next few years, it is safe to assume that buying a home ten blocks from the beach and five minutes from the CBD at $500,000 is a thing of the past.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.