NSW Newcastle NSW is absolutely booming

What did you want to know?

Minimum lot size is 450m2 to 400m2 but you can subdivide down to 200m2 in NCC there is exception clause s 4.1a in LEP

 

Lots of people subdividing at the moment in all suburbs as i drive round not leaving themselves with much backyard.

 

Hi All. Just joined this group after seeing some great informative conversations on here. Always interested in following Newcastle property as I'm a local. Have a look at this property for sale below in what is my favourite part of Merewether. Just interested to see what whoever buys this will do with it....If you had this kind of money (which i certainly dont), would you buy this and if you did what would you do with it? 16 Burwood Street Merewether NSW 2291 - House for Sale ...

 

Thanks Marisa. Yes Newcastle is going gangbusters. It's been doing so for the past few years. When buying we seem to be competing with Sydney buyers mostly who perceive the property prices in Newy to be cheap by comparison to Sydney (which they are).

 

Just doing some house median for the mentioned suburbs...however those stats don't seem to match what Ald is saying... to a very big magnitude..

When you're say going "gangbusters", would you say it increased 20% per year for last few years?

Last 6 years (2010-2016 House median) :
Domain: Real Estate Suburb Profiles & Demographics

Adamstown 416k to 527k, 27%
Adamstown heights 438k to 619k, 42%
Charlestown 377k to 520k, 38%
Hamilton South 566k to 920k, 62%
Merewether 650k to $1000k, 54%​

RealEstate: Lifestyle, house prices & property data for each Australian suburb

Adamstown 408k to 550k, 34%
Adamstown heights 450k to 615k, 37%
Charlestown 400k to 530k, 33%
Hamilton South 632k to 1000k, 58%
Merewether 700k to $1000k, 43%​

 

Newcastle, all the way through to Sydney. All of it has doubled.
It's far from stopping, it's got a year to go. The higher the property price in Sydney, the more equity Sydney Siders have, the higher the Newcastle prices. AND Newcastle will still grow after Sydney stops.

Again another property in Adamstown heights had a preview this week, I counted 47 people, It's not even the advertised home open !!!!, I know of three deceased estate properties that are being informally auctioned even though none of them are going to be on market for at least a month.

Huge crowds pitch up to houses.

The fact is this.

If you don't buy a property now in Newcastle or in Australia for that matter, the banks won't lend you so much later. Now you can buy that dream home in Newcastle that you will never again have the opportunity to buy because the banks won't let you. With low interest rates you can simply lend more and buy that bigger dream house.

Now is not the time to mess around, now is the time to take the biggest mortgage you can get and buy the best house in the best suburb you can afford. There won't be record low interest again in your lifetime. Now is indeed the time to get out and buy a big expensive property and live the dream.

 

In the last three months there has not been a below average property in Adamstown heights that has sold for less then $648, several have sold for $690-730k mark. If you think you can in the last three months find any property in Hamilton south selling for less than 1.1 million I will give you the award. Last homes I have been in sold for 1.5 mill, 1.25 mill, 1.15 mill 1.4 mill and trust me the cheaper ones were such dumps if you farted hard the walls would collapse.

 

These figures are from October 2015 to May 2016. That's what the prices were at then. In the last three months just add 30- 40%

 

F me dead... 30-40% in 3 months!!!

 

Take A property in Russell Road Adamstown Heights, sold a week ago, pretty ordinary, I would not touch it with a barge pole, I call it an anti-investment property. Last sold about 2008 for 300k. Now it's sold for $648k. That's what I call profit.

 

A very first one popped up in the listing
645k, sold 4 Jan 2017
18 Russell Avenue, Adamstown Heights, NSW 2289 - Property Details

another one, sold 595k Nov 2016
12 Kara St, Adamstown Heights, NSW 2289 - Property Details

another one sold 615k
4 Kempwood Close, Adamstown Heights, NSW 2289 - Property Details

510k
11 Garden Grove Parade, Adamstown Heights, NSW 2289 - Property Details

630k
7 Ashbury Street, Adamstown Heights, NSW 2289 - Property Details

 

In 2015 August every unrenovated property in Hamilton south was in the $700k -$900k range. Now they are in the $1.1 mill -1.3 mill range.
Renovated where in the $1 mill to 1.2 mill range. Now $1.5 mill - $2 mill.

A property in Adamstown heights that cost you $480 k in 2014 cost $590k in 2015 and now cost $700k.

Where are you going to have better growth then that except Sydney and Melbourne?

It's not stopping, it's far from stopping.

 

So this one we're talking about 18 Russell Avenue, Adamstown Heights, NSW 2289 - Property Details
645k, sold 4 Jan 2017

Not sure why you would not touch with a barge pole... I think it's a great house I would want to live in..

You said it was sold 2008 for 300k.

Onthehouse and RE indicate it was sold 2006 317k
This is a capital growth of 104% in last 10 years.. or average 10% growth pear year.

Looking the recent photos and description, it appears alot of money is put in the reno.

 

I have been to all those properties and can tell you that the real sold price on two of those was way more because offers were rejected. They have paid cash and kept a portion off the books. Every single one of those are the crappest houses money can buy. None of them I would touch even if sold for $100k less. Anti-investments. Troubles.

Spruced up with staged furniture. 18 Russell I would never have touched it. I thought it sold for $648k, deposit excluded? I got in under the house and what I saw there made me run. It's really a small 2.5 bedder with no garage. It was tarted up with staged furniture, the new owner will puke when all that's gone and she sees what they have just blown a lifetime of effort on. It had a great view but if you fall of the back verandah you are dead.

Kara street is now owned by a guy who fixed up the bogey hole. He has machinery and is right now excavating the back behind the pool and putting in big ass expensive retaining. Edmund Hillary would enjoy taking a walk out the back, don't forget your climbing gear that's one steep mother and again an anti investment. Difficult house. Zero privacy every neighbour can see your wife swimming naked in the swimming pool.

Ashbury street I kind of saw some potential in but it is just a difficult house that requires a 100k Reno. Structural issues I saw that made me think what crap. It's just badly planned.

Kemp wood close walked in, nearly puked and walked out.

Garden grove, was just a great place, .....to commit suicide in.

Every one of those houses requires a 100k renovation except Russell as you might get away with less.

Everyone of those houses are about the worst houses sold in Adamstown heights. Many more nicer ones were sold.

All those are very overpriced and in my opinion people have become drunk and blind and don't understand the value of money and what they work for and are alive for. If I had the ambition to ever live in any of those I would shoot myself.

For that money you can live like a king on a hectare block in a brand new house but have to put up with a 30 minute drive to CBD.

 

That Reno is the cheapest Reno money can buy. It's superficial diy.
That house is tiny, tiny.

 

Nearly All the capital growth is since about 2012

 

I was in Newcastle in 2013 and seeing how cheap it was decided to move here. When I did last year it was actually too late. I have a couple and sure there is some growth but they are more charitable investments for the tenants who are differently abled and need support because nobody else would give it to them.

 

I was informed that $300k in 2008 is what the previous owner paid. But I see it was two years earlier for 317k . Close enough, but grant you had better info there. Still made a ton of money on it.

But if you consider that property prices grew everywhere, then have they actually improved their lot by diy renovating?

18 Russell had hordes and hordes of buyers, I think they could have got $30k more with a better agent.

 

if you don;t buy those crappy house, it doesn't mean other people won't buy it. The house median just reflect those people crappy or not...

 

the 317k was widely public info that is available.

so you said you wont touch Russell place with a barge pole..., but yet you reason that the market should pay 30k more because there were hordes of buyer? .. doesn't make any sense to me.