Newcastle Property Management
Newcastle has the second largest population in New South Wales and Lake Macquarie local government area. It is located at the mouth of the Hunter river. It is a hub of development and industry. It is well known for its coal and is the largest coal exporting harbour in the world. The Port of Newcastle is the economic and trade centre for the resource rich Hunter Valley and for much of the north and northwest of New South Wales. Its real estate reflects its prominence and importance.
Real Estate in Newcastle
With a big city feel, median selling price for homes in Newcastle is $1.48 million. There is an annual capital decline of 26.4% in home prices in 2018 compared to previous year. Last year median selling price of homes was $2 million. Total number of homes sold was 7 in 2018. An average home in Newcastle is rented out at $530 per week. Suburb rental yield is growing at 1.9%.
An average unit in Newcastle costs $675,000 at a growth of 3.1%. Last year a unit was priced at $655,000. Current median rent of a unit is $460 at a growth of 3.6%. Purchased and fully-owned properties constitute 46% of real estate. 51% of properties are rented out. These figures are as per 2016 data of ABS (Australian Bureau of Statistics). 91% of dwellings are flats.
Property management is competitive as Newcastle is seeing fast-paced development. Lots of houses are available for purchase or leases.
Population in Newcastle
Let us look at the family profile of people who reside here. Newcastle has 90% couples. 70% of these couples do not have children. This bustling suburb has a population in thousands and more youngsters. Aging population above the age of 60 is over 700 people. Between 40 to 59 years, there are 700 people, and between 20 to 39 years there are more than 1000 people. The lowest age groups constitute: below 5 years - 200 people and between 5 to 19 years, there are 100 children. Weekly household income is $1500+ for about 700 people. It ranges between $650 to $1499 per week for another 300 people. The rest of the people earn below $649 per week. 62% of the people residing here are employed in either full-time or part-time work. A good 54% of them drive their car to commute to work and 16% walk to work.
This area is currently seeing a slight slump in real-estate development but things are expected to get better. Few homes are opening up for sales and renting. These homes and units can be considered by those looking for buying or leasing property or for an investment. Engage a good property manager like No Bull Real Estate to get the best out of your real estate development. They specialise in Property Management which gives you great return at low risk for your property rental.
For further information about real estate deals in this area, do contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle.