NSW Can we start a Newcastle thread

I've read in the good old property investment mags that the Newcastle region is on the move....... Thoughts?

 

Can any locals tell me why windale is lagging behind?

 

I received a REINSW PDF of the vacancy update from PM, suggest Hunter is above 4% vacancy for April and May.
Maybe confirm with other portal/resource to confirm if the vacancy is trending.

 

Seems fine vacancy less than 1%

 

From memory there is/was a lot of public housing around that area.

I'm liking Newcastle, but probably the other side of the lake.

 

Ahhh, because it is full of housing commission properties, is the likely answer.

 

I doubt the vendors would have got $498k for this place a couple of years ago.

 

Tighes Hill is one of those hot inner CBD suburbs in Newy that command a premium. Maryville, probably even more so. But going back to Tighes Hill and more specifically Henry Street - there is what the locals refer to as the "Paris" end of Henry St where prices like this (and more) are seen.

 

Hi Propertunity,

Do you think they would have got that price a couple of years ago though? This place is from Dec '11, more than a couple of years ago, but in better nick, about same size yard and sold for $395k. Maybe the area is just trending steadily upward and not starting to "move" like Sydney a couple of years ago (which I assume is what the mags are suggesting).

 

Doubt it. Most places seem to be sitting on the market for a month or so with landlords dropping by 5-10% to meet the market.

 

Does anyone have any first hand local knowledge, I understand there was a big housing commission clear-out in 2012 that aimed to clean things up. Has that had a positive effect or have the lower socio economic groups returned

 

Area seems to have moved quite a bit since end of last year. Not sure if it's still worth going in at the moment...

 

No, I don't think they would have got that price a couple of years ago - because the market has moved up over the last number of years. (That's a kinda weird question to be asking).

 

So you want to wait until prices go higher before buying in? .....or are you one of those who think the market will tank and you can pick up a distressed sale?

 

Lower socioeconomic groups cannot afford to move back in - not to buy or to rent.

 

Hi Brad,
even Sydney is over 1%. I would think the Hunter/NewCastle to be floating in the 2-3% as an average.

attached is the REINSW from my PM I was talking about.

 

Thanks very much

 

Neither, keeping an eye on what comes up that's reasonable whilst evaluating other areas outside of Newcastle.

 

Windale would have to be the worst suburb in newcastle and has already had pretty decent gains

 

Yes you are spot on, I live hundreds of km's away and have worked that out. What I'm looking for is some local knowledge about the housing commission areas being sold off to private purchase after 2012. Has it been a positive ongoing plan ? Or has the local/state government given up. I look at windale and it's median price being surrounded by many suburbs with way higher median prices. I would assume its only a matter of time albeit maybe a long time before the lower end of town is pushed away.