New listings lifted in February across all four local LGAs. Sold listings also rose but weren’t as strong as February of last year (except for Maitland, which performed similarly: 140 sales vs. 141 last Feb). February sales are still higher than in 2023 across all four local LGAs, and similar to that of 2022, the tail end of a hot covid market (with the exception of Port Stephens: 116 sales in Feb vs. 144 in Feb of 2022).
Despite a period of sustained high interest rates, demand across Newcastle, Lake Macquarie, Maitland and Port Stephens remains high, thanks to our lifestyle suburbs and economic growth. Slowly easing interest rates and increasing borrowing capacity will further drive home value growth in the region.
*Local data sourced from realestate.com.au
Related reading:
CoreLogic’s “Five years on from COVID-19: How the housing market has changed“
Newcastle Herald’s “Post-pandemic property price roller-coaster to flatten“
RBA’s Interest Rate History
MONTHLY HIGHLIGHTS:
- 4 Gorrick St, Mayfield East sells in 9 days for $1,400,000
- 54 Henry St, Jesmond sells in 12 days. This property was a race to market so that seller Lynne could downsize and purchase a property that she’d already found closer to family. Green St listed 54 Henry St within a fortnight and sold it 12 days later with five competing parties.
TO STAGE, OR NOT TO STAGE?
Ever questioned the value of home staging?
Above are the before and after photos for 4 Collins St, Georgetown, sold 11th March for $1,093,150. Initially, the property was advertised pre-market while still tenanted through Green St Property Management. The existing photos were used to soft launch the property to our database. Once residents vacated, the property was professionally staged and photographed for the full sales campaign.
The difference? The sophistication of the post-staging colour palette elevates the property’s identity by drawing our attention to the classical bones of the interiors: the timber floors, trims, plantation shutters, and ornate lighting. What was once a neat and tidy property for lease is now a cottage of character. You picture yourself living there, fantasise about the sanctuary that we want our homes to be.
Not only does staging present the best functionality for the space, it evokes our aspirational lifestyle.
*Staging is priced upon application. Generally, we advise $3,500 for a 3-bedroom home, but quotes vary depending on full or partial staging.