When we bought our weekender in North arm cove 2 1/2 years ago , the one thing I never expected to see was North arm cove being trumpeted as the best performing suburb , but according to RP DATA it is ...
The strongest performer in the house market was North Arm Cove, a suburb in the Hunter Region in New South Wales, where the median house price rose on average by 24.5 per cent every year for the past ten years.
Despite the substantial increase the area still has a median house price of only $385,000.
I think this is a matter of lies , damn lies and statistics with two factors in play .
Ten years ago was towards the end of the previous Sydney boom and at that stage I think NAC was about to take off after a period in the doldrums .
Second factor . The market has three groups of properties , waterfront ( expensive ) and non waterfront ( not expensive ) and non urban . Now I'm not sure what happens ten years ago , but I do know hat has happened in the last year or so . A lot of the waterfront properties which had been sitting for a long time have sold . I know when we bought , ours was the first decent property to sell on the water for a while .
Non urban .... Dodgy ...you can camp on but can't build , though I've seen a couple of tents that look remarkably like weatherboard houses ...
The reality is the market hasn't moved much in the last few years and the waterfront properties are selling a lot cheaper than they were prior to the GFC and the changes in ? Land tax which stopped the local market after the last boom.
The south side of port Stephens is apparently hot , but NAC with its kangaroos down the streets and dolphins in the back yards is really only thinking of waking up as stock drops , but prices haven't moved at this stage .
Made a good story for all the locals to talk about though .
Cliff
The strongest performer in the house market was North Arm Cove, a suburb in the Hunter Region in New South Wales, where the median house price rose on average by 24.5 per cent every year for the past ten years.
Despite the substantial increase the area still has a median house price of only $385,000.
I think this is a matter of lies , damn lies and statistics with two factors in play .
Ten years ago was towards the end of the previous Sydney boom and at that stage I think NAC was about to take off after a period in the doldrums .
Second factor . The market has three groups of properties , waterfront ( expensive ) and non waterfront ( not expensive ) and non urban . Now I'm not sure what happens ten years ago , but I do know hat has happened in the last year or so . A lot of the waterfront properties which had been sitting for a long time have sold . I know when we bought , ours was the first decent property to sell on the water for a while .
Non urban .... Dodgy ...you can camp on but can't build , though I've seen a couple of tents that look remarkably like weatherboard houses ...
The reality is the market hasn't moved much in the last few years and the waterfront properties are selling a lot cheaper than they were prior to the GFC and the changes in ? Land tax which stopped the local market after the last boom.
The south side of port Stephens is apparently hot , but NAC with its kangaroos down the streets and dolphins in the back yards is really only thinking of waking up as stock drops , but prices haven't moved at this stage .
Made a good story for all the locals to talk about though .
Cliff
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