The property market is at its highest peak since the global financial crisis in 2009. As our economy strengthens, and with low interest rates and government subsidies like the First Home Owners Grant, the demand for home loans is at an all-time high.
But which area should you buy in? We’ve compiled a list of regional NSW locations with hot property markets to help you make the best investment.
The Newcastle property market has had an overwhelming growth rate of 9.1 per cent over the past year. The average Newcastle home is now valued at $660,000. The property boom has been caused by the demand for better lifestyles, more affordable housing in coastal areas, low interest rates and an increasing number of people moving from Sydney.
The property market in Lake Macquarie has had an exceptional surge in the last year, with the suburb of Terelba being particularly popular. Its median house price rose to 8,000, which is an incredible 44.7 per cent growth! This has been caused by an increase in remote work since COVID-19 hit and the high demand for properties in coastal towns.
For those who can’t or don’t want to buy homes in the capital cities, regions are your best bet. Regional New South Wales is currently outperforming Sydney’s property market, with places like Port Stephens experiencing growth of up to 11.8%. This sets the median sale price for a home in Port Stephens at $635,000.
For those who have the finances, there’s also the option of buying a holiday home or investment property in a region like Port Stephens. This has become an increasingly popular move due to the border closures across Australia over the past year.
The Hunter Valley
Property prices in the Hunter Valley have also surged dramatically. While 2020 was a tough year for many people, it was incredibly lucrative for the regional Australian property market. Property prices increased by an average of 7.1%, the highest growth in a decade.
While there are several reasons for this property boom, it’s largely due to many people’s desire for a more laid-back lifestyle. The Hunter Valley is beautiful, spacious and offers an easy commute to Newcastle and Sydney.
The Central Coast
The Central Coast has seen an influx of new residents in recent months, with many residents opting to work from home. The completion of the NorthConnex tunnel has also drastically reduced travel time. Peopl can now now move more freely between Sydney and the Central Coast.
How we can help
If you’d like to either enter the property market for the first time or to build your investment property portfolio, our experienced and licensed brokers at Wisebuy Investment Group can help you find the right loan for your needs. We can also help you with your application.
Our Newcastle mortgage brokers service a diverse range of clients in Newcastle, Lake Macquarie, Port Stephens, the Hunter Valley and the Central Coast.
Contact us today for an obligation-free chat!