We’ve written about the strong property market in Lake Macquarie, Newcastle and Maitland a lot this year.
And with good reason. Our area is one of the fastest-growing parts of Australia when it comes to property prices. In fact, Newcastle doubled the national average when it came to price growth last year.
But there’s one type of property that’s doing especially well right now…
The property type in highest demand
Buyers in our local area are currently most interested in what we call lifestyle properties. These family homes are typically waterside, or close enough to the water to hold great appeal. They provide a sense of escape and tranquillity, and a different pace of life to the city. They also tend to give their owners the feeling that they’re always on holidays – something many people value after a difficult 18 months or so with the pandemic.
Lifestyle properties come in many shapes and sizes. They are often highly desirable properties with all the bells and whistles a buyer could want – jetty, pool, boat shed and guest accommodation. Sometimes, however, they are also older original properties with a great location and excellent potential for renovation or even a knockdown rebuild.
The main reason for the popularity of these homes is that COVID 19 prompted many people to make the move from major metropolitan centres to smaller cities and regional areas – like ours. Remote and flexible working made it possible for these sea or tree changers to retain a job in the city, and live elsewhere. And areas close to cities that provide more affordable housing with the possibility of commuting when required were the big winners.
Record low-interest rates have played a part in encouraging investors and homebuyers into the market. And incentive schemes like MoveToNewcastle.com.au have no doubt played a role too.
The magic million
More than anything, we’re seeing a lot of interest and activity around one key price point: the million-dollar mark. That’s typically also the entry point for these types of lifestyle properties.
A million-dollar property in our area represents a tremendous value. There’s little chance that a million-dollar property in Sydney would ever be on the water or have a water view. In fact, a million dollars won’t even get you a two-bedroom unit in many Sydney suburbs.
Some examples of recent sales include:
13 Allard Street Redhead was the perfect original three-bedroom cottage, offering an entry into popular Redhead, and sold for $1.06 million.
46 Jones Avenue Warners Bay was an original family home on a large 1200sqm block in a stellar location, backing onto a creekside reserve. With knockdown rebuild potential it sold for $1.145 million.
23 Excelsior Parade Carey Bay with water access, views and a perfect North Easterly aspect, this 3 bedroom home sold for $1.2 million.
80 Dilkera Avenue Valentine, a two-level two-bedroom home on one of Valentine’s best streets, sold for $1.28 million.
62 Ocean View Parade Caves Beach offered stunning beachside living with 5 bedrooms and sold for $1.401 million
A spotlight on lifestyle locations
Redhead has become very popular with buyers seeking a beach lifestyle with all the amenities of Newcastle just up the road. According to data from realestate.com.au, the median sits at $1,200,000 after increasing 25% over the 12 months to May 2021.
Lakeside, Warners Bay and Valentine are both popular lifestyle suburbs and the median price in both suburbs rose around 17% over the past year. Warners Bay currently sits at $755,000 and Valentine at $880,000. With slightly lower medians than the coastal beach suburbs, it’s possible to get excellent properties with water views and even a waterfront for just over the million-dollar mark.
Want to know more about the state of the local market?
Find your ideal home in Lake Macquarie or Newcastle by contacting our team today.