NSW Newcastle 2021

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

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  1. Lizzie

    Lizzie Well-Known Member

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  2. Jobin

    Jobin Well-Known Member

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    I inspected it twice & it had a lot of cosmetic issues. A lot of patchy cover ups & poor DIY reno efforts. Also a very tired bathroom. The vendor must be absolutely beside themselves & fair play to them! This went for $90k more ($1.7) the day before & it was really quite beautiful, especially the lounge/kitchen areas...

    https://www.realestate.com.au/sold/property-house-nsw-new+lambton-135423178
     
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  3. TylerJamesson

    TylerJamesson Well-Known Member

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    These prices are incredible -- @tomlemke might be right about Hamilton South hitting $3m soon.

    Interesting that we are getting these prices in Lambton for character homes that have been modernised despite the small block size.

    24 months ago you had people looking at Merewether with this kind of budget, now it seems buyers would rather take a turn key character home in Lambton and Hamilton South, then an outdated Rawson home in the back streets of Merewether.

    I guess out of town buyers dont really care about such things.
     
    Last edited: 15th Feb, 2021
  4. tomlemke

    tomlemke Well-Known Member Business Member

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    I have never seen anything like it,

    18 Smith Street Hamilton South, the agent is quoting $1.5m if they achieve this price I will be seriously speechless.
    https://www.realestate.com.au/property-house-nsw-hamilton+south-135448542

    26 Smith Street sold pretty much 2 years to the day and achieved $1,090,000.
    https://www.realestate.com.au/sold/property-house-nsw-hamilton+south-130372186

    Two other big sales from the weekend!

    68 Harrison Street Belmont North sold for $1,520,000
    https://www.realestate.com.au/sold/property-house-nsw-belmont+north-135296454

    17 Murrakin Street Kahibah sold for $790,000
    https://www.realestate.com.au/sold/property-house-nsw-kahibah-135224482
     
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  5. Jobin

    Jobin Well-Known Member

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  6. PJ1

    PJ1 Well-Known Member

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    Hi Newy locals,
    Are there any plans for a PC catch up soon ?
     
  7. TylerJamesson

    TylerJamesson Well-Known Member

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    I heard along the grapvine that last week the new build at 14 Bar Beach Ave sold for $9m

    Was a 4.5m build and 3.2m site pruchase in 2016

    That would be the highest sale ever in Newcastle. However, ther is a house on Ocean Street across from Dixon Park that GTS are building that will easily eclipse that.
     
    Last edited: 22nd Feb, 2021
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  8. tomlemke

    tomlemke Well-Known Member Business Member

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    @TylerJamesson this was a rumour sadly, I have absolutely no doubt that we will see a $10m sale this year! Either Merewether or Bar Beach.
     
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  9. tomlemke

    tomlemke Well-Known Member Business Member

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  10. Finds

    Finds Well-Known Member

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    Holy hell, 900 on that Fawcett street property is crazy. Maybe someone will buy up the properties Love reality have been listing in Mayfield after all :)
     
  11. Jobin

    Jobin Well-Known Member

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    Inspected both properties. I was expecting decent results for both. Not sure the train line on Upfold is as bad as made out? $900k for Fawcett is verging on silly though for me. Supply/demand is even worse than it was last year then add in extra FOMO with the recent 2021/22 house price predictions form the major banks. Guess it's as simple as that.
     
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  12. Jobin

    Jobin Well-Known Member

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    Hey @tomlemke what did 99 Corlette sell for in the end?
     
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  13. tomlemke

    tomlemke Well-Known Member Business Member

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    Hey Jobin,

    It sold for just under $1.3m.
     
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  14. Declan S

    Declan S Member

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  15. Tom87

    Tom87 Active Member

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    I think it’s it nearly every sought after suburb isn’t it? Hardly anything goes in the initial guide
     
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  16. TylerJamesson

    TylerJamesson Well-Known Member

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    When the market is as hot as it is right now, then you might as well throw the price guide out the window. Price guides are what the market was priced at pre-COVID before rates cut to 0%

    Hard to judge what things might sell for in a super hot market.

    As an example -- this is what this amazing new dwelling in Cooks Hill by Curious Practice architects was sold by @tomlemke which would be an absolute bargain today. Would be easily sold for $2m+ if listed in the current mkt.

    Now we have people paying $1.6-$2.0m for a renovation project in Hamilton South, or a so-so rennovated place in New Lambton.

    https://www.realestate.com.au/sold/property-house-nsw-cooks+hill-133411270
     
    Last edited: 3rd Mar, 2021
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  17. shreko

    shreko Well-Known Member

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  18. Jobin

    Jobin Well-Known Member

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    I do like it but it's not in the best area of New Lambton for me. Edging towards the stadium & it's all a bit sterile around there. But, underquoted as always, probably by $60-70k. Still huge demand for good project houses like this from what I can tell.
     
  19. tomlemke

    tomlemke Well-Known Member Business Member

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    I’d be going hard, it’s an out of town agent, more than likely out of touch with current values.

    There are still good opportunities in this market if you can strike quickly, even if you can buy it at $750,000 it’s still good buying. This should of been sold by auction with a $699,000 guide and it probably could of gone close to $800,000.
     
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  20. shreko

    shreko Well-Known Member

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    Good point, I definitely agree that it is in a stale part of New Lambton. I dont really know why though - do you think its because of the low lying/flood prone area, combined with the lack of privacy (middle of a pedestrian highway)?
    I look at this and think I could pay 100k less and live out at wallsend/elermore vale, but I think i prefer this location better.