I don’t know if you’ve noticed that the FOR SALE Real Estate boards are staying up substantially longer in Newcastle than they were 12 months ago.
It’s likely that people are after a particular price in line with the heavily inflated property prices we’ve seen lately and the market says no.
In March Australian house prices on average grew .8% well below the double digit gains we’d seen the year before.
Research however shows that it’s high end properties in Sydney and Melbourne that are seeing the biggest drop. I’ve known people in Sydney and Melbourne who sold this year and didn’t get what they’d expected too. Similarly high end suburbs of Newcastle like Merewether have also cooled off slightly. Strangley enough suburbs like Shortland, Jesmond, Glendale and Edgeworth and other suburbs coming off a lower base seem to be holding up slightly better.
If you are currently selling and you aren’t getting the offers you expect it’s worth considering that you’ll be buying into the same market so that provides some relief.