In this article we run through a series of steps we regularly see from investors who are fed up with terrible service from their current real estate agent, only to be wooed to stay where they are by a fee reduction.
If this sounds like your situation, read on.
According to the latest CoreLogic Cordell Construction Cost Index (CCCI), residential construction costs nationally have increased 9% in the 12 months to March 2022. This marks the highest annual growth rate in construction costs since March 2001 following the introduction of GST, and impacts renovators, new home buyers and even existing property owners.
Not surprising off the back of record property price growth nationally, there has been a surge in the number of regional and coastal million-dollar suburbs.
Once the sign of owning a prestige home, properties selling for $1million+ have become increasingly normal across hundreds of suburbs around the country. And here in Newcastle and Lake Macquarie, there have been 14 newly-added million dollar suburbs as at March 2022.
As we click over 2 years of COVID-19 impacting our lives, in this article we reflect on the ways the virus has impacted the property market in Australia, and particularly within regional areas such as Newcastle and Lake Macquarie.
Renters are being warned to brace for continued rent price increases in 2022 as shortages in rental supply, and the end of stagnated population growth, drive up competition for available properties.
The number of available rental properties has continued to trend down since mid-2020, heavily influenced by the many knock-on effects of COVID-19. According to realestate.com.au, across our capital cities, the median cost to rent a property has increased by 6.7% over the past 12 months, which equates to $1500 per year. In regional areas, growth has been even more significant, with median rents up 8.5%, or $1600 per year.
Within the Newcastle and Lake Macquarie areas specifically (not at the national aggregated regional level reported by realestate.com.au), the increase in rents has been more dramatic still.
One of the most frequently-asked questions we receive when listing a new rental property is "Are pets allowed?". Before we list a property for rent, we will have already asked the landlord's preference on this subject. However at times the number of quality enquiries from pet-owner applicants is so high the subject is brought up for further consideration.
In this article we discuss the value of listing your investment property as pet-friendly, as well as the main points to consider before doing so.
Over the past 6-12 months we've had an increasing number of conversations with new and existing investors who are interested in buying into the property market in Newcastle and Lake Macquarie, but don't know where to invest.
The point of this post is not to provide a hit-list of suburbs (sorry!) - and the reason for this should become obvious as you read on! One person's ideal investment opportunity is another person's problem project.
Instead, we aim to provide some fundamental food for thought, to help assist in ruling out certain opportunities or areas and focusing on what suits YOU as an investor... what suits your personal appetite for risk, amount of time to hold before selling, etc.
Of course this is not an exhaustive list of points to consider, and certainly should not be taken as strategic or financial advice. We are simply offering some basics to consider to separate the good from the bad opportunities as they might suit YOUR unique situation.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.