The latest report from CoreLogic is the Christmas news we’ve been waiting for; according to the data specialist’s latest Home Value Index the fall in house values has begun to ease in our region.

CoreLogic’s research director, Tim Lawless, said the easing in the rate of decline is mostly emanating from the Sydney and Melbourne markets, but is also evident across many of the smaller capitals and most regional markets.

In November, house values in Newcastle and Lake Macquarie recorded a fall of just 0.4 per cent, down from a drop of 1.8 per cent in the previous month.

When looking at regional house values, two of our regions made the Top 10 regional SA3’s with highest 12-month value growth:

Coming in at no. 4 was the Upper Hunter, Hunter Valley (exc Newcastle) with houses showing an annual increase in value of 19.1 per cent and a medium value of $424,882. Meanwhile at no. 10, the Lower Hunter, Hunter Valley (exc Newcastle) showed an annual 12.1 per cent increase in value, and medium house value of $609,270.

When looking at Newcastle City Council area, this property market website* reveals:

• 30 November 2021, typical house prices were $931,954
• 30 November 2022, typical house prices were $1,041,331

For Lake Macquarie City Council, the website reveals:

• 30 November 2021, typical house prices were $893,716
• 30 November 2021, typical house prices were $1,008,987

So, once again, while house prices have fallen marginally in the past month, they have in fact still increased in price compared to year ago.

Christopher’s Housing Boom and Bust report for 2023

Furthermore, new research from Christopher’s Housing Boom and Bust report for 2023, suggests that if interest rates don’t surpass four per cent, then real estate across the country will on average enjoy a three to seven per cent lift.

The report came up with four different scenarios to forecast what would happen next year; it suggested if the rates start to go down, Australia’s property market could be nine per cent higher than they are right now.

Another suggested scenario was if interest rates stagnate, then the property market may undergo a rapid recovery.

However, Mr Lawless from CoreLogic was a little more cautious, pointing out there is still the possibility that the pace of declines of house values could reaccelerate, especially if the current rate hiking cycle persists longer than expected.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” he said.

With this in mind, if you are thinking of moving in the next few months, you may want to consider selling sooner rather than later; the Christmas break is the ideal time to review your goals and finances, and to look at ways in which you can add value to your home.

Why not give our team a call, and we’ll come round and give you a free, independent and non-obligatory quote. With nearly 50 years in real estate experience behind us, we can also suggest realistic cost effective ways to add value.

Call us on 02 4954 8833, email us at: mail@apnewcastle.com.au or call in at the office where we can answer questions, talk you through the process and give you options.

Don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.

*This website is for information only. We are not affiliated with the website in any way.