The month in review: Newcastle
By Herron Todd White
May 2016
Newcastle is one of Australia’s oldest settlements and home to classic examples of rich Australian heritage buildings.
As a young nation pioneered its way through the Hunter Valley in the 1800s and early 1900s, stately homes were built as new farming land opened up, minerals were discovered and the industrial age unfolded.
While there are good examples of heritage homes scattered throughout the Hunter Valley in towns such as Maitland and Singleton, Newcastle’s inner suburbs are abundant with classic examples of Victorian and Edwardian architecture. The CBD, The Hill, Cooks Hill and Hamilton are home to the ever popular Victorian and Edwardian townhouses. It is common to see these renovated townhouses selling for $1 million or more. All are within close proximity of the CBD, local shopping, cafes, restaurants, public transport and beaches. There are still hidden gems to be found for the savvy investor but these are now in the minority.
Sadly, many of the original Victorian and Edwardian homes were demolished to make way for Newcastle’s growing population density, however there are still very good examples of Victorian homes in the inner suburbs land in outer fringe suburbs of Waratah and Wallsend.
Most remaining heritage homes generally encompass larger land lots and will cost a pretty penny.
If in reasonable condition, heritage properties rent well in Newcastle and reasonable rental yields are achievable, however it is important to understand the true cost benefits of these investments. While heritage properties may appeal at an emotive level, it is important to remember that heritage properties can require considerable capital outlay and responsibility. Thorough research and a clear understanding of the heritage overlays involved are advised before committing to purchasing a heritage property. |
