With soaring market demand and high rental yields, Newcastle is hot property right now.
Data reveals that there’s very high demand for home rental properties in the region. Sales prices are also excellent, with Realestate.com.au reporting that in 2017, the median sales price for houses in Newcastle increased by 109.7% compared with figures from five years ago. This represents an annual growth rate of about 16%. In property terms, that’s high.
So whether you’re looking to build and rent out your property or to live in a home you’ve had built, it’s a great time to consider investing in property here.
Investors across Australia are excited by Newcastle
With a current median house price of $530 000 and the top-end of the market on the move, property forecasts are extremely positive.
Ample Property Solutions reports that records were smashed at the end of 2017 when a Bar Beach house sold for $4.7 million. In addition, PRD Nationwide Newcastle talks about growing optimism in the area.
What’s led to this regional boom?
From July 2017, the NSW government abolished stamp duties on all homes up to the value of $650 000 and offered relief for homes valued up to $800 000.The federal government’s decision to raise duties and land taxes for foreign investors also took some pressure off the market.
Thanks to this legislation, first-time home buyers can also consider investing in inner-city areas, not just the outer suburbs.
While the forecast house price is on the rise and rental vacancies are dropping, consider building a home that represents a solid investment in your future. Sloane Homes have been operating in Newcastle for 18 years and we’re renowned for our personalised service and exceptional portfolio of properties.
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