Data from REA Group shows a drop in sold volume for September, when traditionally we expect to see a lift coming into the Spring market. Across the Newcastle LGA, sales dipped to 224 in September from 244 in August and 250 in September of 2023. Other local LGAs followed suit: Lake Macquarie down to 251 from 265 in Aug and 273 in Sept 2023; Maitland down to 135 from 150 in August and 150 in Sept 2023; and Port Stephens down to 97 from 104 in Aug and 112 in Sept 2023.
The good news is that our agents report strong buyer competition for entry-level price-points and houses under $1 million. The median sales price also rose to $885K across the Newcastle LGA in September, up from $870K in August and $830K in September of 2023. The other three LGAs’ median sales price remained similar or dropped slightly as compared with August, but higher than September of last year.
The data suggests a shift towards a buyers’ market this Spring, with the gap between properties sold and properties listed in September widening across all four local LGAs (as compared with August of 2024 and September of 2023). We’ll watch this space and report October’s statistics in the next newsletter.
*Data sourced from REA Group (who own realestate.com.au)
*Research of interest: CoreLogic’s online article “What’s in store for the spring selling season,” published 15 Aug 2024
Monthly Highlight:
- THE FOUNDRY RECORD for a 2-bedroom apartment – $730,000, sold in 14 days – G03/61 Date St, Adamstown.
CASSANDRA beat her previous record: 206/302 Brunker Rd, Adamstown, sold for $720,000 on 14 Feb 2024.
GREEN ST also hold the record for a 3-bedroom apartment at The Foundry with the sale of 203/59 Date St, Adamstown, for $815,000 on 06 Jun 2023.