Newcastle House Prices Almost More Expensive Than Central Coast
Latest figures are in..
House prices in Newcastle have risen slightly over the past 12 months, however the city's real estate market is continuing to cool.
Latest data from Domain shows the average house price was $620,000 in December, up from $600,000 a year ago and $430,000 in 2013.
Unit prices have also increased slightly from $530,000 in 2017 to $550,000 last year.
"Overall in Newcastle we are seeing a slower pace of growth than what was being recorded before, and that's largely due to the change in the lending environment that we are seeing all of our markets broadly across Australia," Senior Research Analyst Dr Nicola Powell said.
"This is certainly a much better outcome than what we are seeing across most of our major capital cities, in particular Sydney where prices are going backwards."
"There has been an influx of residents moving out of Sydney which has helped to benefit some of our smaller city areas, such as Newcastle."
Sydney house prices recorded the steepest fall in more than two decades, dropping to $1,062,619.
The Central Coast also saw a slight decline in property prices over the past 12 months, falling from $645,000 down to $625,000.