Spring selling season ran hot according to October data. New listings spiked across the Newcastle, Lake Macquarie and Maitland LGAs, reaching their highest this year, and holding steady for Port Stephens.
Sold listings rose across the Newcastle, Lake Macquarie and Port Stephens LGAs (Newcastle at its highest this year with 284 sales and its median price bumping up to $1,077,000 for the month).
Median days on market are at a record low for Newcastle at 26 days, Lake Macquarie at 30, and Maitland at 30 (our data dates back to 2022). Port Stephens held steady with a median 40 days on market.
Could this be the impact of the expanded Home Guarantee Scheme for first home buyers that came into effect October 1st? Time will tell. Combined with easing interest rates and higher demand than supply, the local real estate market is strong.
Congratulations to all the buyers moving into their dream homes before Christmas! 🍾
*Local data sourced from realestate.com.au’s monthly Market Insights Report.
A great little read for first-time investors: Cotality’s article, The Definitive Guide to Rental Property Ownership in Australia. We couldn’t agree more that tenants prioritise heating, storage and natural light over luxury finishes.
Monthly Highlights
- Sold pre-market: 11 Margaret St, Highfileds – 3-bedroom house sells for $925,000
- Near-new 2-bedroom villa 1/4 Edward Street, Charlestown sells in 26 days for $790,000
– Offers from 3 parties
– 27 groups through open homes
– 60 overall enquiries