Coming to the end Q2 2023, we would like to thank the Newcastle community who have been absolutely amazing since we opened.
We wanted to provide the most recent statistics of median house sale prices and rental prices for a handful of suburbs in the Newcastle areas, Corelogic’s daily home value index suggests Sydney house prices rose 1.8% in May. Suburb records in the Newcastle area are amazing with some of these being achieved in the recent months such as our recent campaign for 103 Lewis Street, Maryville with an off market result breaking the record for the suburb.
The market reveals it was the widespread, increased competition across the market in Q1 2023 and Q2 2023, rather than a lack of listings that drove price adjustments throughout campaigns. This competition was also reflected in increases in groups through open homes, which saw an average of 23 attendees per campaign. The average registered bidders also progressed, with more than 6 at each of the auctions run by Mavis with the local average being 1.2 registered bidders.
With inflation and cost of living pressures continuing to be a concern for central banks worldwide. The increases will continue to see property buyers and home loan holders reassess their budgets and borrowing capacity.
While listings remain passive in certain areas of Newcastle, more owners are now in tune with the opportunities in the current market. At the same time, the ‘mortgage cliff’ that was expected to occur as owners converted from fixed to variable interest rates has also not been as significant as anticipated, helping to underpin the overall sense of stability in the market.