NSW Newcastle 2021

Likewise I thought it would go for more. But with Sydney investors stuck at home it probably made a difference

 

Something like this or the two Finds posted a link to
https://m.realestate.com.au/property-house-nsw-hamilton-136675822

 

This Art Deco masterpiece on Silsoe Street looks like it sold for $2.7m which sounds about on the money and good buying by the purchaser.

https://www.domain.com.au/30-silsoe-street-hamilton-south-nsw-2303-2016968685

Big house and nice block/street, but I think buyers worked out that you would probably need to spend $300k+ and put in a not insignificant work to modernize the interiors/kitchens etc which will get you a $3m++ post renno valuation.

 

this is another insane result
https://www.realestate.com.au/sold/property-house-nsw-waratah-136469762

waratah is finally paying off

 

And another here. Mayfield is just blowing my mind at the moment...

$1.12m
https://www.realestate.com.au/sold/property-house-nsw-mayfield-136666286

 

Doesn't seem that there is any shortage of buyers despite the Sydney/Greater Sydney lockdowns. That Waratah one makes this one look like a steal.

https://www.domain.com.au/14-delando-street-waratah-nsw-2298-2017154359

 

Yep I really don’t understand this one - what a bargain, unless there’s something we’re not seeing? Looks like vendor was hugely unlucky to me for who knows what reason.

 

I went to the open home, it was the biggest turnout I have ever seen in looking for a while now. Looked pretty stock standard in terms of being dated, having potential, and solid street/block. This one went up about 18 months ago and didn't sell with a 520K price guide if I remember correctly.

https://www.domain.com.au/19-abel-street-mayfield-nsw-2304-2017120478

Only one open home and hit 730K.

 

With results in Mayfield like these I reckon @tomlemke wishes he held on to his Mayfield East reno project for a few extra months right Tom

 

The old saying “if only I held on, it would of been nice but no regrets! Selling that one got us a pool and payed down some debt. Our PPOR value has gone up 100% in 4 years so definitely not complaining.

looking back we did have some properties that would of been great to hold.

Wickham sold 2017 $1,000,000 Val now $1.4m
Adamstown sold 2017 $750,000 Val now $1m
Mayfield sold $620,000 2018 Val now $800k
Mayfield sold $740,000 2020 Val now $900k

Numbers are definitely down at opens, We are still averaging (20 groups) at the first open. Results are still strong this mainly due to low stock across the board, if we see any sort of increase in supply I definitely think the market will slow.

 

We need a monthly Lemke market update

Just went to this auction this morning: 5 Hunter Street, Georgetown, NSW 2298 https://www.realestate.com.au/property-house-nsw-georgetown-136703766

Went for $1.32m (initial guide was 895K) to an older couple, presumably retirees. Only 1 other bidder in that higher end. Obviously have watched a lot of The Block and wanted a home where everything has been done, as it's very nice but only 3bdrm.

 

And the land size is quite small too.

 

This one sold prior to auction and after only a week on the market.
I went to last weekend's first open and it was very well attended.
https://www.domain.com.au/51-darling-street-hamilton-south-nsw-2303-2017143865

@tomlemke - any word on the sale price?

cheers

 

$1,550,000 great money for Darling Street.

 

Went to this auction for this stunning home on Everton Street Hamilton and was passed in vendor bid for $2.95m

https://www.domain.com.au/113-everton-street-hamilton-nsw-2303-2017116792

Looks like banks have started to turn the screws on lending approvals. The Sydney wide lockdown hasn’t helped either, largely dinted confidence and created significant uncertainty.

Interesting read from the Fin Review

Nervous lenders turn screws on property buyers as COVID-19 bites

CBA, which previously announced it would use only the latest income documents for loan applications, is also expected to increase scrutiny, according to mortgage brokers.
“Lenders are already asking additional questions about how borrowers are likely to be affected, especially for those from Sydney,” said Anita Marshall, managing director of NSW-based mortgage broker Advanced Finance Solutions,

 

I did wonder if it sold, as saw it was up for auction yesterday. Thanks for the update.

Another one that had it's auction called off, and put onto the open market instead is https://www.realestate.com.au/property-house-nsw-stockton-136625702 ... lovely house but a waste of the site, as doesn't open to the views and is positioned on the double block so that nothing else can be put on it.

I did wonder on here, a few weeks back, if the market was slowing and reaching a plateau - and with stock sitting longer that would've been snapped up 6 months back, appears it might have

 

All comes down to lending in my opinion Lizzie. It was a massive rush to start the year and it’s almost as off everyone had an preapproval for $2m+ back in March.

Some buyers have spent that and are out of the market. Question is how many more buyers with that money to spend are still looking?

I can see that the 800k to 900k first home
buyer price range is still firing though.

 

2 Randall Parade, Adamstown Heights, NSW 2289
https://www.realestate.com.au/sold/property-house-nsw-adamstown+heights-136842718

this sold renovated $940 flat block compared to two houses around the corner at Claremont ave. $910 sloped block unrenovated & $1.05 slope block renovated

do you think lockdown kept Sydney buyers away?

 

Any thoughts on Maitland market for an IP? Does it have growth potential or already overpriced?
Any other suggestions for around $600k budget?

 

I don't have much wisdom for you only being in Newy for 6 months but from my experience on the ground a lot of renter's/first home buyers are frustrated at being priced out of many areas in Newcastle so are then looking for the cheapest house/rental that's closest to the city. And a surburb that isn't too far is Wallsend which is popular with some of our friends for satisfying that. Wallsend is improving, has good shopping facilities and a couple of nice family friendly parks. So I'd personally consider Wallsend for an IP in your budget and go for a 3bdrm if you can, as Maitland is quite far away and as Newy population increases in 10-20 years Wallsend is still close enough to be popular and get CGs. That said my young kids make me frequently drive to Maitland as think the playground is one of the best going around I've seen a 3bdrm go for under 600k in Warabrook recently too which is very nice parklands, has a train station, own shopping centre, and can walk to Newcastle Uni which will make it easy to rent. Good luck!