Newcastle East

POSTAL CODE: NSW, 2300
UNIT

A steady increase in median property prices over a five-year period in NEWCASTLE EAST, 2300 translates to a 49% capital gain.

NEWCASTLE EAST, 2300 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $1,862,500.

Profits due to an upward trend in home prices in NEWCASTLE EAST, 2300 averaged 16.33% per annum over a 3-year period.

Home owners selling their properties and realtors in NEWCASTLE EAST usually have to wait an average of 86.1 days days before their assets are lifted off the market.

Average weekly rents on listings have reached the $850 mark, reflecting a 2.37% increase in returns based on the current median price in NEWCASTLE EAST.

NEWCASTLE EAST, 2300 places 412th in Australia based on median property value growth during the quarter.

Surburb overview

Newcastle East is a suburb situated east of the Newcastle central business district. It is hailed as the birthplace of Newcastle and the rest of the Hunter Region, famous for its stunning beaches, bushlands and orchards.

Newcastle East has a rich Aboriginal and colonial history dating back to the late 1700s. It was primarily established as a penal colony, before it morphed into a coal mining and timber town. The 1800s was a period of infrastructure boom, which saw the installation of many of the heritage buildings and public landmarks. A number of these historical landmarks, such as the Christ Church Cathedral, the Customs House and the Newcastle Court House, still stand today.

Welcome changes

Though widely known as a designated industrial area and dockyard, Newcastle East is on the brink of a major transformation as the urban sprawl makes its way to its shores. Newcastle’s real estate market is booming, on the back of the NSW government’s efforts to revitalise the suburb, with new developments permeating its neighbourhoods.

Newcastle East is also the site of redevelopments that involve the refurbishment of a couple of old apartment blocks and hotels. Houses for sale in the Newcastle East area are undoubtedly affordable, compared with Sydney. The price of harbourfront properties are on the rise, however, and realtors encourage buyers to strike while the iron is hot.

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