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HI All
I recommended Newcastle some time ago to a relative, but sadly I hear, see nothing happening, no one is posting, is it dead in the water, surely not???
Anyone on the ground, can you give me an update on this?
Thanks
MTR
If the RBA cuts again, I would not be surprised to see 15-20% this year.A Few agents I've spoken to reckon another 15-20% to go so fingers crossed.
Newy is doing very well thank you very much. But I did not want to start another "Frankston" type hype thread.Propertunity is the expert so hopefully he can give a more detailed response.
Newcastle is going great guns I've had around 260k worth of growth with bank vals in the last 12 months between 3 properties.
My uncle tried to buy a development site in lambton yesterday agent was hoping for low 800s ended up going for 920k 1000sqm corner block with a house and a church.
All the off the plan units are selling very quickly according to an agent the other day he reckons they cannot get enough of them.
A Few agents I've spoken to reckon another 15-20% to go so fingers crossed.
Propertunity is the expert so hopefully he can give a more detailed response.
Hopefully liberals get back in this weekend, labor is to scared about upsetting a small minority of people who's against the light rail going ahead.
the city needs to change!
Whats actually driving the growth in Newcastle ATM?
I know interest rates are low but the Newcastle area has one of the highest unemployment rates in the state and the Hunter Valley is even worse, I would have though that alone would have restricted capital growth.
http://lmip.gov.au/default.aspx?LMIP/LFR_SAFOUR/NSW_LFR_LM_byLFR_UnemploymentRate
If the RBA cuts again, I would not be surprised to see 15-20% this year.
Newy is doing very well thank you very much. But I did not want to start another "Frankston" type hype thread.
Hunter Valley hasn't got a lot to do with Newcastles economy plenty of other drivers besides mining.
Hundreds of millions are being spent on infrastructure
from the lease of the port.
Mining downturn has just moved to building part of the cycle.