Newcastle house prices to stay buoyant: QBE report

Carrie Fellner | November 4, 2016

The renewal of the Newcastle CBD and the northern migration of Sydney-siders will keep the region’s house prices buoyant over the next three years, a new report has found.  

The QBE Housing Outlook 2016-19 has predicted house prices will grow an average of 4 per cent per annum to a median of $550,00 by June 2019. 

That would represent a slight slow-down in conditions compared to the last five years, which have seen average growth of 6.1 per cent per annum. 

“Plans to revitalise Newcastle...will see the relocation of the train terminal and development of the light rail line, encouraging job creation and further investment in the area,” the report said. “With Newcastle’s median house price just 48% of Sydney’s at June 2016, the expected increased movement of Sydney’s residents to Newcastle will add demand.” 

MAYFIELD COMES INTO ITS OWN

Last weekend’s miserable weather didn’t dampen interest in a post-federation home at Mayfield, with fierce bidding for the property at 19 Gamack Street.

 

26 registered bidders battled it out for the three-bedroom home, which sold to a young family for $520,000, well over reserve. 

Listing agent Joe Di Claudio of Dowling Mayfield said the vendors were “ecstatic” with the result, which he put down the property’s location and the suburb’s surging popularity. 

“Mayfield’s been underrated for so long,” he said. “It’s become a very acceptable area to raise a family and there’s some nice quirky cafes popping up.” 

He predicted first home buyers would soon look further west to suburbs like Jesmond and Wallsend for trendy period homes.