Luxury Real Estate

By Michael Marquette
From his blog: Where to Buy in Newcastle (Australia)?

Are you considering a sea change or thinking about which suburbs are in most demand in Newcastle? If you are, this information is essential reading. Earlier this month, I wrote about the massive 85 percent drop in sales in July this year compared to the same month last year for properties in the City of Newcastle.

If the trend continues many real estate agencies will close their doors and many agents will be forced to flee the industry. This staggering decrease in demand has put enormous pressure on pricing in the area and is causing many vendors considerable grief. So the question of where to buy to best protect your investment is more important than ever.

In Sydney, we have seen suburbs close to beaches and the Harbour hold their price the best. The outer suburbs, especially in the West have struggled and have significantly dropped in value. It really shows that as demand drops in an area price follows in the same direction.

In Newcastle, the Blue Ribbon suburbs of Merewether, Bar Beach, Cooks Hill and The Hill have all suffered from interest-rate increases and decreased buyer demand but nowhere near to the extent of rest of the City. Year-to-date sales in those suburbs are down 32 percent on the same period last year – not the massive reduction seen in the City as a whole.

These suburbs enjoy close proximity to beaches, Newcastle Harbour, cafes, restaurants and many enjoy spectacular coastal views. Purchasing a luxury home is all about location and the choice of suburb is crucial in protecting your valuable asset. This formula is true for all coastal cities and will help put you in the safest position.


Editor’s Note:
Michael Marquette is the co-Founder and Director of Marquette Turner Luxury Homes, a member of Luxury Real Estate in East Sydney, New South Wales, Australia. Founded on Australia Day 2007 by Marquette and Simon Turner, Marquette Turner is a property consultancy company covering the Australian states of New South Wales and Victoria. Marquette has a background in medicine and a large retail and wholesale business. Very good information! Buyers definitely need an expert to help guide them through the pitfalls scattered across the current luxury market. The photo above is from www.flickr.com/photos/linksmanjd/2723754204 and it is the copyright of LinksmanJD.