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Disappear in 24 Days: Newcastle Home Prices Soar As Low Supply Meets High Demand | Newcastle Herald

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Hunter real estate prices rose in February, a year after the average Newcastle home stayed on the market for just 24 days. CoreLogic figures show that median home prices in Newcastle and Lake Macquarie rose another 2.4% last month, up 5.5% from the beginning of December. Median home prices rose 11.8% in a year to a record $ 657,000. Housing in the municipal area of ​​New South Wales spent an average of three and a half weeks on the market during the year leading up to January. This is the fastest sales in New South Wales. Lake Macquarie wasn’t too late in 31 days. Newcastle Herald reported on Saturday that a house in Cressington Way, Wallsend, was sold at auction for $ 809,000, $ 159,000 higher than the lowest price. The house has risen 37% in value since it was sold for $ 590,000 a year ago. The three-bedroom home on Upfold Street in Mayfield sold for $ 823,000, breaking the $ 135,000 record on this street. In Newcastle and Lake Macquarie, unit prices have begun to rise by 0.6% in February and 1.8% in the last three months. The median apartment sales in the city are currently $ 530,000. Hunter’s remaining home prices, whose market is slightly behind the pandemic recovery, rose 2% in February and rose 4.5% in three months to a median of $ 486,000. According to previous data published by CoreLogic, Newcastle sellers offered buyers an average of 2.4% discount over the three months to January 31st. In the 12 months to November 2020, one in eight Newcastle homes, about 700 out of 6,000, changed hands over $ 1 million and 1.9% over $ 2 million. A quarter of Newcastle’s sales exceeded $ 800,000. In the news, home prices rose 2.1% across Australia in February. This is the biggest rise in CoreLogic’s monthly real estate report since 2003. The Reserve Bank left its official interest rate unchanged on Tuesday at a record low of 0.1%. The central bank said interest rates could stay at that level until 2024, but some economists said the RBA could raise interest rates during the next year to cope with rising real estate prices. ing. Sydney prices, which plunged last year, rose 2.5% in February, returning to record levels. Prices in Melbourne rose 2.1%. “The last time the value of all capitals and other state regions continued to rise as post-GFC stimulus stimulated buyers’ demand began in mid-2009,” said Tim Lawless, research director at CoreLogic. It was early 2010. ” “Affordability could once again be a challenge in these cities, as household incomes continue to be curtailed and stimulus measures are expected to shrink.” One of the factors influencing home prices is supply. The number of properties for sale nationwide is 26.2 percent below 2020 levels. However, home sales are estimated to be 17.9% above the 10-year average for the last six months, suggesting that demand remains high. Opposition leader Anthony Albanese said during a visit to Hunter on Tuesday that the Labor government would work on affordable housing by encouraging more social and affordable housing. “That will increase supply and improve the quality of life for people in need of public housing,” Albanese said. Our journalists are working hard to bring the latest local news to the community. To continue to access trusted content:

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Disappear in 24 Days: Newcastle Home Prices Soar As Low Supply Meets High Demand | Newcastle Herald

Source link Disappear in 24 Days: Newcastle Home Prices Soar As Low Supply Meets High Demand | Newcastle Herald

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