North West Report - 31st October 2022

Buyer activity and appraisals for upcoming clients has kept me busy so I havn't been able to keep it up at a weekly segment. So today I'm checking in with a 3 month update from 25th July to 31st October, and will be back on board for your weekly update next week

Welcome to the highlights reel out of the 78 reported sales in the Lake Macquarie North West corridor over this time

Bolton Point

5 Kiah View Bolton Point

Started at $1,925,000 back in May

Sold $1,550,000 in Oct after 147 days on the market

It is important to distinguish when you see a result like that not to think it is reflective of a market downturn. Sales like this a more representative of being overpriced to begin with and/or the marketing not being right

12a Macquarie Street, Bolton Point

Non-Waterfront but good water views. Sold in 16 days $1,600,000

New Bolton Point suburb record at 8A Wattle Street, Bolton Point Sold in 30 days $3,050,000

Booragul

In early July Booragul had its 1st $1M+ sale at $1,175,000 at 14 Wellard Parade

Since then 11 Marmong Street , Booragul which was my old family home where I spent my teenage years sold for $1,200,000

And then back down to Wellard Parade opposite the water where the record was smashed again with the sale of number 12 for $1,805,000. That was a home always bound to create a suburb record whenever it came up for sale.

And now we wait for the $2M sale

Over in Teralba, you might recall the suburb record set in July for 51 Pitt Street selling for $1,650,000, well that has just been beaten by another sale in Billy's lookout by just $999.  This was another stunning home that you always would have thought would set a record as well. The address for the campaign or the sale has never been publicly disclosed so for the sake of the parties involved i don't feel its my position to break that. But it does go to show the continued appetite in Billy's lookout from prospective buyers for the high quality homes with prices that are really starting to get up there with typically more expensive suburbs like Warners Bay, Kahibah and even Adamstown Heights etc

On the flip side, the more entry level pricing in Billy's lookout appear to have softened, with the typical home earlier in the year going for $1,05M to $1.1M, now selling in recent times between $940k to $1,02M. And that's a bit of an outlier I'm not sure on the drivers off given the general market is holding well, and in particular new homes and renovated homes are in great demand across Newcastle & Lake Macquarie  as more people steer away from building or renovating due to construction cost and time blowouts.

Outside of the top end, a couple of weeks ago I took to mid market homes in Teralba and Marmong Point to auction. Both sold within or above expectations. 32 Hillside Cr Teralba attracting 41 inspections and 75 total enquiries, and 9 High Street, Marmong Point attracting competitive bidding taking the price guide form $750k to a sale price of $807,000

So there we have it, longer than normal but the quickest I could do to fit the highlights in. I'll be back next week