Are you considering a sea change or thinking about which suburbs are in most demand in Newcastle? If you are this information is essential reading. Earlier in the week I wrote about the massive 85% drop in sales in July this year compared to the same month last year for property in the City of Newcastle.
If the trend continues many real estate agencies will close their doors and many agents will be forced to flee the industry. This staggering decrease in demand has put enormous pressure on pricing in the area and is causing many vendors considerable grief. So the question of where to buy to best protect your investment is more important than ever.
In Sydney we have seen suburbs close to beaches and the Harbour hold their price the best. The outer suburbs, especially in the West have struggled and have significantly dropped in value. It really shows that as demand drops in an area price follows in the same direction.
In Newcastle the Blue Ribbon suburbs of Merewether, Bar Beach, Cooks Hill and The Hill have all suffered from interest rate increases and decreased buyer demand but nowhere near to the extent of rest of the City. Year to date sales in those suburbs are down 32% on the same period last year – not the massive reduction seen in the City as a whole.
These suburbs enjoy close proximity to beaches, Newcastle Harbour, cafes, restaurants and many enjoy spectacular coastal views. Purchasing a home is all about location and the choice of suburb is crucial in protecting your valuable asset. This formula is true for all coastal cities and will help put you in the safest position.
Marquette Turner Luxury Homes