Whilst most media outlets are using the words “Possible Recession” in their headlines, the Newcastle apartment market is showing little sign of slowing down with the Median Apartment Price in Newcastle at $850,000 (October 21- September 2022). This is a growth of 12.2% over the past 12 months. (Source realestate.com.au) 

 

Comparing this to the Median Apartment Price of $680,000 (November 18 – October 19), just four years earlier. During that same comparable period, the number of apartments sold has increased from 135 to 287 over 12 months.

 

The Newcastle Apartment Median Price Snapshot

 

One Bedroom Apartments	$552,500
Two Bedroom Apartments	$940,000
Three Bedroom Apartments	$1,600,000

 

The Newcastle Apartment Median Rental Snapshot

 

One Bedroom Apartments	$500
Two Bedroom Apartments	$650
Three Bedroom Apartments	$830

 

Whilst buyer enquiry has slowed, there continues to be a shortage of Newcastle apartments stock available for sale, helping to maintain apartment pricing.

 

The team at MOVABLE have recently smashed the Newcastle’s Apartment record with the sale of a 3 bedroom apartment for $8,300,000.