NSW Newcastle 2020

{Note from mods - this thread continues from here: Newcastle 2019 [NSW]}



I thought I should start Newcastle 2020 thread

1. Newcastle inner city bypass link road is already in pipe line (15 mil)
2. John Hunter Hospital infrastructure upgrade planning is almost done, hoping to get budget to start in 2021 (700 mil)
3. Ongoing CBD updates

Don’t like too much competition here though as will be buying in Q2 2020!

 

Are there any houses under 500K in the Newcastle, Lake Macquarie district left worth buying. The only areas I could find were Maryland, Woodrising, Bolton Point and Medowie. These areas seem too far out for people want to work in Newcastle (What I have been told), or are they viable? Also aren't these areas still in declining stage of the property cycle?

 

Our PPOR is in Eleebana - prices definitely declining.

 

I work in Newcastle CBD and live in Jesmond and the drive is pretty good plus once the bypass is completed it will definitely be a lot smoother and quicker around Jesmond roundabout.

Unfortunately for me I don't think Jesmond will have any CG soon due to it still being a low socio-economic area but the bypass could make areas like Wallsend and Elermore Vale more appealing.

 

It will also be interesting to see where they plan to extend the light rail to (if they ever do) as well as when it will actually happen and how that may affect prices

 

I wouldn’t touch these areas.

 

Are you sure?? I don’t think there is any suburb declining/declined significantly. There was a slow period for sure but not so much so in the areas I am looking at..

 

Hi @fols , why not? Keen to hear your thoughts on Maryland.

 

Some of those suburbs mentioned are very low socio areas & lack good fundamentals for capital growth. Maryland is a fair way out of town by Newcastle standards. For the $500K price point that @Serveman was talking about, I'd by trying to find a way to lift the purchase price to $600K, and getting something closer to city, eg Mayfield.

 

They’re cheap for a reason

 

Anyone have any thoughts on charlestown?
I noticed the prices seem to have bottomed out.

 

Stick to Mayfield, Islington, Tighes Hill still have a lot of good properties around that you reno and add value.

If possible aim for the biggest block size you can get.

 

Your a wise man @TylerJamesson

 

Hello
Does anyone have any information or thoughts about CG on Stockton. Started to see a very slight increase.

Thanks

 

Hi All, looking to buy an IP in Newcastle around August-October this year. Our budget would be <500k we will be travelling over at end of March for a recon so am starting my research now into areas to investigate. I will continue to watch this thread but any areas people would recommend? Long term hold, happy with cf neutral or slightly negative. TIA

 

What are peoples thoughts on Islington ? Does the rental pool in this area seem to be okay with street parking ?

 

Islington has sailed for a while now
Should be ok for the long term

 

Don't understand why investors try and get fancy when the formula is brain dead simple. ie buy areas where there is high demand from buyers and limited supply of dwellings/land.

Looks like this one on Kemp Street sold for $2.2m which is amazing.

See plenty of upside in inner-city suburbs. You'll be laughing in 5 yrs time as walkability and proximity to the city commands a steep premium >>

https://www.realestate.com.au/sold/property-house-nsw-hamilton+south-132461702

 

The market seems like it's back to 2017 levels again, we saw a surge just before Christmas with a lot of homes that had been sitting around for a while all being sold.

Some of the stand out sales in my opinion;

30 The Terrace, The Hill sold for $3,810,000.
https://www.realestate.com.au/sold/property-house-nsw-the+hill-132214342

84 Braye Street Mayfield sold for $840,000 which is huge money, it had been nicely renovated but certainly wasn't in the most desirable part of Mayfield.
https://www.realestate.com.au/sold/property-house-nsw-mayfield-132517054

3/2A Helen Street Merewether sold for $1,452,500
https://www.realestate.com.au/sold/property-apartment-nsw-merewether-132495526

3 Barker Street The Hill sold for $1,975,000
https://www.realestate.com.au/sold/property-house-nsw-the+hill-131966378

Speaking with other agents i know there will be a lot of stock coming to the market over the next couple of months, it will be interesting if all these new listings will saturate the market and level prices out again. One of my colleges had 90 groups through a house in Rankin Park on Saturday which we haven't seen number's like that since the peak of the market back in 2017.

 

Huge money for the Western side of Stewart Avenue!