NSW Newcastle 2021

Discussion in 'Where to Buy' started by tomlemke, 11th Jan, 2021.

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  1. PPOOR

    PPOOR Active Member

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    Has anyone got experience of adding an extra bedroom +/- a bathroom to a miner's cottage in Newy? I know there's many variables, but what kind of price range would you allocate (assuming single story, just extending into backyard - basic design)? Any businesses you'd recommend?
     
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  2. PBrownless

    PBrownless New Member

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    Thanks mate appreciate that, anywhere else you'd suggest looking that has a similar feel and is a similar distance from the city?
     
  3. Will146

    Will146 Member

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    Kotara is also a nice suburb. Good public transport links & 10min drive to the CBD. I would stick to the triangle in between Westfield across to Clayton Cres & back to Vista Pde as everything in this area is within easy walking distance.
     
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  4. TylerJamesson

    TylerJamesson Well-Known Member

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    Some interesting data from RealEstate.com.au on property valuations and trends...

    I think we'll see that the biggest per sqm $$$ growth will happen around Newcastle's dense suburbs close to the inner city and amenities.

    The Cost Of Space As Aussie Buyers Crave Bigger Homes Post-COVID

    Smaller inner-city blocks the most expensive

    Inner-city Sydney suburbs with small blocks tend to cost the most per square metre, not necessarily homes in expensive prestige suburbs, according to the analysis.

    “In general, gentrified, inner-city regions that have long histories and small block sizes tend to cost the most per square metre of land,” Mr Ryan said.

    He said the most expensive places in Sydney by cost per square metre had median plot sizes between 100 and 200sqm.

    Homebuyers pay a massive $23,240 per square metre for a house in the most expensive suburb on the Sydney list, Paddington, where the median plot size is only 127sqm. In Darlinghurst it costs $19,682 per square metre with a median 105sqm block.

    Mr Ryan said they were working-class suburbs when initially developed with small blocks.

    “Paddington and Darlinghurst are very gentrified, nice suburbs, but it shows you the influence of the underlying structure of how the city was developed,” he said.

    “These formerly working-class suburbs are now very expensive on a per square metre basis.”
     
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  5. PPOOR

    PPOOR Active Member

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    @tomlemke Any idea what 22 Collins St, Georgetown sold for? I missed the auction, but looks like it got passed in (not sure at what price) and then sold by negotiation...
     
  6. tomlemke

    tomlemke Well-Known Member Business Member

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    Hi @PPOOR somewhere between $1m - $1.1m. Just check the backend filter.
     
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  7. Lizzie

    Lizzie Well-Known Member

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    Am I feeling this right ... is Newie slowing? Well priced and quality is still selling well but notice properties are sitting longer
     
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  8. bonchovies

    bonchovies Well-Known Member

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    That's what I've been thinking too - but not sure whether it's because more are taking it to auction?
     
  9. TylerJamesson

    TylerJamesson Well-Known Member

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    Seems like a typical winter market slow down IMO weekend sport, cold weather and all that coupled with Sydney lockdown. It was a buying frenzy from Jan to about May.

    See what happens come Aug/Sept.
     
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  10. Birdseed

    Birdseed Well-Known Member

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    Initially passed in at $1.2M I heard - that was ambitious
     
  11. Jobin

    Jobin Well-Known Member

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    Also looking to do this in Cooks Hill - new kitchen, add downstairs bathroom, extension into back courtyard + garage/carport right at the back. Have had some good recommendations from @TylerJamesson on the higher-end of things. Would be good to get some recommendations for lower budget too as we're likely converting this to an IP in 3-5 years.
     
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  12. PPOOR

    PPOOR Active Member

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  13. bonchovies

    bonchovies Well-Known Member

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    My husband went to 2 open homes a few weeks ago and he said the queue went all the way down the road. One house is going to auction and the other went under offer on Monday after first open. So unsure whether to think it's slowing given the interest in the two we saw but they were both underpriced imo. Online it seems like it's slowing with houses taking longer to go under offer.
     
    Last edited: 8th Jul, 2021
  14. Finds

    Finds Well-Known Member

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    Anything (under)quoted in the 600's are getting massive turnouts. I would imagine one of the properties you are referring to is this one at Waratah ?

    https://www.domain.com.au/14-delando-street-waratah-nsw-2298-2017092971

    That was chaotic and the day of Sydney and Greater Sydney going into lockdown, but that was a huge turnout, biggest I have seen, not sure how the last 2 weekends have been though.

    That price point and the guides in that sub-700 range are always queued down the street in suburbs like Mayfield and Waratah I notice, but none ever sell in that range.
     
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  15. bonchovies

    bonchovies Well-Known Member

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    Yep that was one of them. I agree it's gonna sell for a lot more come auction day.
     
  16. TylerJamesson

    TylerJamesson Well-Known Member

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    What is most interesting about this article is that people are paying $10,000-$14,000 per sqm internal for apartments at the new East End development which is stunning -- is that about right @tomlemke ??
     
  17. Lizzie

    Lizzie Well-Known Member

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  18. Gwennie

    Gwennie Member

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    We looked at Newcastle as priced out of Sydney. Both of us work primarily remotely but go into the office once a week so 2.5-3hours train trip is Ok. Found that we just couldn't justify spending $1M on a house that feels like it's only worth 800-850. Rentals on a $1M only in the $500-$600 range means if we had to rent it out it's just not viable, and not a lot of job opportunities there versus Sydney or other main cities. No idea really whether the overspending on a property in Newcastle now will be worth it in 5 years so we are looking in other places, with that sort of travel time you can fly from Avondale airport with Jetstar for $34 each way and get a much better place in Geelong that also opens up more jobs in Melbourne if needed. Not sure if others are thinking the same way?
     
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  19. inertia

    inertia Well-Known Member

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    yeah, but you'd have to live in Geelong ;)

    I think fundamentally, Newcastle is a VERY liveable city, and the property price growth is reflecting that many others think that too.
     
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  20. Gwennie

    Gwennie Member

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    Newcastle is a very livable city - we love it and were excited about the idea of living there. But for us anyway, it didn't feel the costs were justified on many of the places we saw, it felt like people were just thinking oh lots of buyers fed up with searching and are overpaying heaps!l lets get rid of our shack that's half falling down!! and well that seemed insane what they were asking for compared to job opportunities and future rental potential. But who knows? I"ll probably kick myself in 5 years when I see how much its grown and think - twit! why didn't you buy that crappy shack!
     

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