By Aussie franchisee Julie Levy in Toronto.
Recent figures from the New South Wales Real Estate Institute shows that the Newcastle and Hunter region’s residential market has performed remarkably in the first half of this year.
The report shows the region’s strong performance, with median dwelling prices at their highest point in almost 10 years, benefiting significantly from the increase in values during the last 12 months alone.
Contributing to the region’s solid performance is the availability of land suitable for residential development.
Charleston, located 10 kilometers south of Newcastle’s CBD, offers a range of development opportunities for investors. Properties in this area range from older style family homes on large sites to modern and recently constructed units and villas on smaller stretches of land. According to WDP Property Group the median dwelling price is estimated to be $358,000, representing a rise of 8.6 percent in only 12 months.
Inner city suburb Carrington is another promising residential area for the investor to watch closely. Offering a diverse range of older style terraces and one storey brick homes, Carrington boasts a convenient and central location with a variety of real estate suitable for renovation and extensions. Offering good affordability, WDP Property Group estimates Carrington’s median house price to be $296,000. That’s not bad for inner city living!
These findings show that there are exceptional opportunities in the local market for investors.