The real estate market has always been a buy and sell, supply and demand industry, and as some investors in the Hunter are pulling their properties from the landscape, movement is making property a viable option for a new type of investor.
5 TIMMINS STREET, BIRMINGHAM GARDENS 2287
Cross-checking her weekend home open list, New Lambton-based real estate agent Lisa Macklin says she can’t help but notice a distinct change in her clientele.
Investors, she says, are saturating the sellers lists, engaging a new
type of buyer.
While long-term investors remain, some who have purchased in recent years are jumping ship to pour their money elsewhere, Macklin says the move is opening up doors for other buyers.
First home buyers with simpler requirements are finding the perfect place to start, new investors are also finding a space to pool their energies.
“Of the seven open homes booked for this weekend, five are mid-term investors getting out of the market,” Lisa told the Newcastle Weekly.
“We have those who have bought their second home a few years ago and upsized opting to retain their initial first home as an investment property.
“Increasing rates are seeing these investors exit rental market because the interest rate hikes have pushed them too far, and we’re also seeing mid to short term investors who entered the market in recent years, decide it’s time for them to get out.”
The change is, in some cases, producing happy buyers.
A property in the growing suburb of Birmingham Gardens is one example.
The three-bedroom, two-bathroom home is on the market at an affordable price point of $840,000.
It has caught the eye of a young family who have been living with family, waiting for the right opportunity.
“On the one hand, this is a great place to start a property journey or invest, but on the other I have such genuine concerns for tenants and the affordability housing crisis,” Lisa says.
For more property news:
- Cooranbong home to $195 million worth of development
- Rare block size in Merewether
- $30 million opportunity on King Street
Get all the latest Newcastle news, sport, real estate, entertainment, lifestyle and more delivered straight to your inbox with the Newcastle Weekly Daily Newsletter. Sign up here.