Several suburb records were eclipsed and some big beachside and waterfront sales registered in a strong year for real estate in Newcastle.
The biggest sale for the year is believed to have been $5.05 million for a three-bedroom residence on a large block in Merewether’s Frederick Street with beach and ocean views.
It was just shy of the residential sale record for the beachside suburb set in 2008 when 4 Ocean Street was purchased for $5.5 million, according to Australian Property Monitors.
At the time the median sale price for Merewether was $712,500.
This year there have been less sales than in the past but the Merewether median, according to APM data, has risen to $1.38 million after more top-end sales and 20.5 per cent growth. Roughly $125 million in total has been spent in the sought-after suburb.
A large property in Charlotte Street with sweeping city and ocean views was understood to have sold for above its price guide of $4.25 million.
There were two sales between $3.5 million $3.7 million and 11 in total over $2.5 million.
Robinson Property’s Mike Flook said the market in Newcastle was “as strong as I've seen in the 27 years of selling residential real estate” with the top end of the market “extremely strong”.
Belmont had its first residential sale of over $3 million after a waterfront residence with sweeping views of Lake Macquarie, a private jetty and separate guest quarters hit the market with a price range of $3.5 million to $3.75 million and sold within one week.
Stockton registered its first $2 million sale for a renovated harbourfront home.
There were also suburb sale records in Garden Suburb ($1.025 million), Adamstown Heights ($1.6 million), Hamilton South ($2.625 million), Lambton ($1.54 million), Kotara South ($1.09 million) and Broadmeadow ($1.25 million).
PRDnationwide Newcastle and Lake Macquarie director Mark Kentwell said a lot of growth in suburbs close to the city had come from “people upgrading in their own market”.
Inner city suburbs such as Maryville experienced good growth and plenty of quick sales and Kentwell suggested The Hill and Hamilton were undervalued and expected the latter in particular to be a suburb to watch in 2018.
A flurry of sales under $500,000 were recorded in Glendale, Edgeworth, Wallsend, Cardiff, Elermore Vale and Shortland as the end of year approached.
First National’s George Rafty predicted another busy year of real estate ahead and expected more first home buyers to take advantage of new stamp duty exemptions.
“I think all of those outer suburb areas where you can still buy between $500,00 and $800,000 will remain very popular,” Mr Rafty said.
“I think Broadmeadow is a real sleeper and a good area for investment.
“It is in transition mode with the proposed road works between the train station and the shops at Adamstown.”