Compelling Growth in Local Property Market

The Newcastle, Lake Macquarie property market has shown compelling growth in 2015.

PRDnationwide research reveals that house median prices have grown 14.7 per cent over the past 24 months.

Unit median prices have grown further, increasing by 21.6% over the same period.

Mark Kentwell, Managing Director of PRDnationwide Newcastle and Lake Macquarie says the price growth is the result of an increase in real property value and is less dependent on levels of supply.

"The median sale price is now 2.7 percent above asking price which suggests that buyers are still competing to secure property in this region and that successful buyers are willing to offer above the first listing price to do so," said Mr. Kentwell.

An example of recent property activity in the city is the successful launch of the Parque Apartments, situated on the corner of Church and Bolton Streets.

Off the plan sales were brisk with more than 20 deposits taken just 3 weeks after the official launch in November.

Contracts have now been exchanged for more than half of the 27 apartments on offer with more sales in the pipeline and expected to finalise this month.

"The sales achieved for this elegant property were at the higher end of the price range, which shows there is enormous confidence in the city's revitalization."

"PRD research shows that $314.5 M in developments are slated for commencement this year and that future projects include the development of 595 new dwellings in the Newcastle CBD," said Mr Kentwell.

"Private investment is following the State Government's injection of money into public infrastructure through Urban Growth's exciting plans for the city."

"Add to this the growing interest in Newcastle and Lake Macquarie from Sydney property buyers struggling with housing affordability there and we expect demand and property prices to continue to grow into the future."

"I believe this decade could one of the best for lifestyle and property investment in Newcastle's history."

For further information please contact Mark Kentwell 40260 600 or 0402 901 044