Real estate is always a hot topic, and we are regularly asked questions like “How’s the market?” … “Do you think prices will keep coming down?” … “Is it a good time to sell or should I wait?” … “Should I rent out my home?” …
Many factors affect the property market and it’s often a roller-coaster ride – sometimes it’s stressful, and
other times it’s smooth sailing. Like many people, I often wish I had a crystal ball that could predict the future. Alas, that is wishful thinking.
We want to share a very informative article we read recently in The Herald that specifically talks about the Lake Macquarie & Newcastle property market.
New figures show east Lake Macquarie is one of the worst areas in the nation for rental stress and the property plunge has wiped more than $50,000 off the value of the typical Newcastle home in the past year.
CoreLogic’s April property report shows the median price of houses and units in the Newcastle and Lake Macquarie council areas fell 0.8 per cent in the month, more than the drop in Sydney (0.7 per cent) and Melbourne (0.6 per cent).
Median unit prices have dropped 10.1 per cent, to $461,000, since the apartment market reached its apex exactly a year ago.