NSW Newcastle 2022

I also notice there is a lot less going to auction - with an increase in "price guide" and/or "expressions of interest"

Much more civilised

 

Hi Lizzie,

Ok here’s what I am seeing. Average property has started to cool off. But inner city ring properties, that have a high end renovation by a reputable architect and serious coin spent on the build and fit out are still selling for crazy amounts. Between 3.5 and 4m is the range now.

Basically it’s name your price. The reason?

Hatd to find a house/site and spend 2.5 to 3 yrs getting an architect and the DA approved arguing with neighbours, finding a high end builder with books still open to take on the project, juggle materials and inflation costs, manage the bank, get your defects all ticked off and the final occupation certificate.

Takes a lot of time, money and stress and a big toll on people. Hence why so many people don’t want to go through it. So if you just want someone to just hand over the keys to a high end house in the right location you gotta pay overs. Otherwise see you in 3 years with a lot more grey hairs.

 

Also reflecting very much in how long they sit and the prices they're getting ... any rejigging, no matter how minor, seems to adversely affect

Canary in the coal mine?

 

Hi local smart peeps. Can I get an opinion on this:
https://www.realestate.com.au/property-apartment-nsw-newcastle-137679262

I'm the vendor. We had accepted an offer of $2.38m just before Christmas, but the buyers pulled out before exchange so started marketing again in Jan and now it's just passed in at auction last week. We have another offer now but it's very disappointing compared to the last one. I understand the market has changed so we have reduced our expectations but does the price guide on the ad still look unrealistic now?

 

So around 160sqm of internal living space, low rise building, views never to be built out. I think 2.2 to 2.4m is the range considering new 3 bedroom apartments have been selling off the plan at Iris/DavidJones building for $15,000 to $20,000 per sqm internal - not waterfront either. 1 bedroom units selling for $10,000 per sqm in that DJ's building.

Only difference is that your unit is a little older and less modern.

 

thanks @TylerJamesson
yeah, good. I thought above 2.2m is where it should be. I didn't know that comparison for DJs per sqm, very interesting.
I guess we might be a victim now of buyers realising it's been on the market for a long time and assuming there is something wrong with it. The main objection we hear is that the strata fees are higher than others, which is because the building has just had a big refurb over last 2 years but I don't see how that makes a 6-figure difference on an offer

 

Fellow Novocastrians ... head down to the "meet up" section. Let's have a get together

 

Tree removal & landscaper recommendations.

Hi all, putting a granny flat on the back of a house in inner-mid ring Newcastle suburb. Currently there is an enormous liquid amber that will need to come out & frankly has needed to come out for years as the roots are down to the house & messing with the foot paths etc. Also want to do some drainage work which would impact the root system.

So, current plan is:
- remove tree (which I think I need permission for)
- granny flat approval through private certifier
- granny flat build
- landscaping including planting a bunch of new trees

Slightly worried the tree removal will be considered part of the development and replacement trees won't go in for a few months.

Also, any recommendations re landscapers? Not after anything super fancy but will need to replace the trees and tidy it all up after the granny flat build.

Thoughts?

 

Tree removal - absolute pain- and costly if arborist report is needed
Check bush fire zone or not- then you will be able to remove the tree without application (also check this information - was true 2-3 years ago)
We had used https://www.pullupstumps.com.au and highly recommend - Ross is very professional to deal with.

 

did you sell it? for whats it worth, for over 2M u can also buy appartment in sydney. it was traded for ~ 800k 10 years ago, so logic says double so 1.6. domain value says 2.03. perhaps 2.3 is a bit over priced but who knows! good luck!

 

You will definitely need council approval to remove the tree. For all the above I use Hunter River Trees at Maitland. Reasonably priced, realistic in requirements and professional.

 

I'm with you as the interior is dated and it needs work ... great location but over $2 mil is a big ask in a market where people aent to walk in without a thing to do

 

https://www.realestate.com.au/sold/property-house-nsw-lambton-138901723

a lot of good sales still

 

Lot going for it. Big block, nice reno and duel dwellings with separate access

 

Hey guys anyone know what the Bar Beach block went for?

https://www.realestate.com.au/sold/property-residential+land-nsw-bar+beach-203248767

 

One of the agents in here might know better, but suspect not far off the price guide ...

https://www.realestateview.com.au/news/nsw/vacant-bar-beach-block-with-5-million-guide-sells/

 

Just looked it up. $5.5.

In the process of selling our house in Sydney and thinking strongly of making the move up to Newy. Have family in Bar Beach and Eleebana and price wise it makes a lot of sense, particularly if you can work remotely.

Looks like the market up there is still pretty hot, particularly for renovated properties. What are your thoughts on where the market up there is heading? I seem to recall people saying it lagged Sydney by 6-12 months and i have seen with the process of selling our house that it definitely seems to be cooling here. With interest rates on the rise soon etc etc what are people thoughts on market direction etc?

Cheers

 

The market has somewhat cooled here too - the right properties are still being snapped up but they need to be walk out/walk in reno'd, prime location and priced right.

Anything outside of that is starting to sit without the previous off-market bidding wars

 

Lizzie hit the nail on the head, anything renovated up to $1,500,000 is still flying. 20+ groups through the first open home, lots of competition from buyers. We are still recommending selling prior to auction as it seems on the majority of our campaigns, we are generally ending up 1-2 buyers that are 5- 10% above the rest of the market.

The top end is still moving along nicely between $4m - $7m, there is a rumour going around that last week there was an off market sale on John Parade Merewether for $11,000,000.

The middle ring which seems crazy to call that between $1.5m - $3.5m have been a struggle to sell lately. It seems this price point buyers are a lot more concerned with the forecasted market conditions and worried about overpaying.

We are still lots of families relocating from Sydney, they are making up at least half of the sales I’ve personally made so far this year. The majority of homes I sell are between $1m - $1.4m, these buyers have generally sold in Sydney for $2m+ and have no issues buying a renovated home in this price point and putting a few hundred thousand away.

 

Excellent! I need that middle ring to cool a bit so I can look at a PPOR upgrade