If you’re thinking about getting into the Newcastle property market as an owner-occupier or investor, it’s important to do your research. Here’s an overview of the latest available statistics.
Median property prices
The median property price for Newcastle houses is now over $1.2 million, while units are over $750,000. Like most property markets in Australia, it has experienced strong price growth over the last 12 to 18 months.
Median property prices are influenced by factors such as the size of the home and its location. The more bedrooms and the more land, the higher the price, and vice versa. And like almost everywhere, waterfront properties also tend to be more expensive.
Newcastle property market demographics
Almost 1 in 3 Newcastle residents are classed as ‘couples, singles or home sharers under the age of 35’. Newcastle is famous for coal. And has the largest coal exporting harbour in the world. It has traditionally been an area for heavy industry and blue-collar workers, but it has transformed in recent years to include a huge number of white-collar professionals.
Some workers commute to Sydney from Newcastle for work, but may live and work in Newcastle. The increasing trend to working from home makes Newcastle a viable option for many white-collar workers. The area is well-serviced by public transport, including buses, trains and ferries.
The market is fairly evenly split between owner-occupiers and renters. Newcastle is the second most populated area of New South Wales after Sydney, and it includes both the Newcastle and Lake Macquarie local government areas. It had a population of just over 320,000 at the last census.
The Greater Newcastle area includes Cessnock, Maitland and Port Stephens.
Newcastle is about two hours north of Sydney by car, and it overlooks the Tasman Sea and Hunter River. Apartments dominate the waterfront skyline. Freestanding houses are more common away from the water.
It’s very popular with sea-changers looking to escape Sydney for a more affordable and relaxed lifestyle. Newcastle has both a working and a holiday vibe, depending on where you are.
Sport is a popular pastime for both participants and spectators in Newcastle. Water sports are very popular due to its location, and of course, Newcastle is well-known on the Australian sporting landscape as the home of the Newcastle Knights NRL team and the Newcastle Jets A-League team.
How we can help
If you’re looking to buy a Newcastle home to live in yourself or to have as an investment property, talk to us. Our licensed and experienced brokers at Wisebuy Investment Group can help you to find the right loan for your needs. We can also help you with your loan application.
We service a diverse range of clients in the popular Newcastle, Lake Macquarie and Maitland areas. Our experienced mortgage brokers work with more than 60 lenders in the Australian market.
Contact us today for an obligation-free chat to find out more. We’d be happy to answer any questions you have and to explore your finance options with you.