contrary what some posters would like you to believe there ain't no thriving marker in newcastle.
we are now for months in a stalemate and if anything prices are sliding like everywhere else (at least in nsw)
if you don't believe me read for yourself an article from our local newspapers...
you will have to read between the lines due to shifty way this reporter is quoting an agent saying negative things and then reverts to being positive about things...all in one sentence or one paragraph !!!
Rate rise could stall Newcastle property growth BY KATE TARALA 01 Jan, 2011 03:00 AM THE Newcastle property market would remain strong in 2011 but interest rates could stall the bumper price growth of recent years, Dalton Partners sales manager and director Anthony Merlo said. Mr Merlo, who has been working in Newcastle property for 22 years, said the market strength and confidence of 2010 would carry into the new year. The market would be underpinned by strong employment, population growth and the Hunter?s resources and high-tech industries. Mr Merlo said prices would stay buoyant due to the ??unseasonable?? lack of new listings for this time of year but urged sellers to price their properties correctly and listen to market analysis by agents. He also said rising interest rates and costs associated with buying and selling property could put the brakes on the significant price growth of the past few decades. ??We are going to be in a static market for some time,?? Mr Merlo said. ??People start looking at interest rates and think they can?t afford to change homes. ??Stamp duty and land tax are major issues and a new formula needs to take into account significant increases in property prices over the last 10 to 20 years.?? Mr Merlo expected inner-city suburbs such as Cooks Hill, The Junction and Merewether to remain in demand. He said Carrington and Maryville would also continue to be popular because of their proximity to the harbour and central business district. Demand was also expected to increase in Adamstown west of Brunker Road. Mr Merlo said low levels of property investment in Newcastle could drive rents higher, and called on the state and federal governments to reduce costs associated with buying property. ??Until the state or federal government takes control and finds a remedy for the archaic stamp duty formula in our property market, investors won?t come back into the market,?? he said. Emma and Mark Mather are hoping their three-bedroom house in Adamstown Heights, listed with Mr Merlo for $475,000, will sell in the new year. The couple, who have two children, are upsizing to Merewether. Their third child is due in April. ................................... http://www.theherald.com.au/news/local/news/general/rate-rise-could-stall-newcastle-property-growth/2037319.aspx
