Newcastle

The Smartline Report – July Edition

The month in review: Newcastle

By Herron Todd White
July 2015

These days $500,000 doesn’t go as far as it used to compared to even a handful of years ago, so if you are living in the Hunter region or simply looking to invest there, the big question is what does half a million get you?

Well there are a few answers to that one depending on what you are looking for. Are you a first homebuyer? Just looking to invest? Or are you looking for that future family home in that leafy suburb you’ve dreamt about since you were a kid.

That dream could be a reality for some with a few stipulations. If you are willing to sacrifice a few more minutes to work or live a few more kilometres away from the beach, then there are certainly options around. New subdivisions surrounding the Newcastle area including Fletcher, Cameron Park and Chisholm are your best bets for a decent sized home around the half million mark but get in quick as land is rising consistently as demand appears to be outstripping supply somewhat and it won’t be cheap for long.

If you want to spend your half a million on an investment property then look no further than North Lambton, Georgetown or Jesmond which are all suburbs within close proximity of Newcastle University and John Hunter Hospital offering a plentiful supply of tenants to shore up your income streams. You will find a plentiful stream of students living out this way due to the proximity to the university and short travel times (dare we say cheap travel costs as well). These suburbs are also quite popular with first home buyers looking to break into the market at affordable prices yet not venturing too far away from the heart of the CBD of Newcastle. These prices are rising constantly however so we can’t guarantee they will stay under $500,000 for long.

In Newcastle the quality of property you can get for less than $500,000 is not what it used to be with the growth that has occurred over the past 18 months. It is still possible to get a reasonable house around Nelson Bay for under $500,000 although we note land prices in the biggest subdivision in Nelson Bay at present are ever rising so Nelson Bay could be following the way of Newcastle with an influx of Sydney buyers looking to beef up their portfolio on the back of cheap finance and equity from Sydney property.

www.smartline.com.au

Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2015. Australian Credit Licence Number 385325

 

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