By Steven Dick

It doesn’t matter whether I’m lining up for a coffee on Hunter Street, standing around the BBQ at Speers Point, or in front of a medical specialist in Charlestown—once someone finds out I’m in real estate, the question follows like clockwork:

“So, how’s the market?”

It’s a fair question. But the honest answer is: which market do you mean? Because real estate in Newcastle and the Hunter isn’t one market—it’s many. And they’re all moving at different speeds.

Are you talking about…

Residential Property?

Because in Newcastle and surrounds, that can mean anything from a weatherboard in Mayfield to a brand-new apartment in Wickham or a sprawling home in Lake Macquarie. Are you looking at high-end beachside homes or affordable housing in the outer suburbs? Each has its own rhythm.

And don’t be fooled—media headlines rarely tell the full story. Yes, there’s still strong demand in areas like Merewether, Cooks Hill and Adamstown, but approvals are slow, hard and costly. I’ll say it plainly: throwing money at housing won’t fix the problem. We need to completely overhaul the planning system in NSW.

Right now, developers are held back by layer upon layer of red tape—especially when it comes to subdivisions but even modest DAs. We’re not talking about cutting corners on safety or quality—but the delays, cost blowouts, and excessive consultant reports are putting the brakes on supply, right when we need it most. Planners don’t work with the same, time is money ethos.

Commercial Property?

Here in Newcastle’s CBD, leasing is challenging.

If you’ve got a tenant in your commercial property, do everything you can to keep them. Because if they leave, you might be sitting on a vacant space for quite a while. And if you’ve already lost them? Time to give the property a serious refresh—strip out the old fit-out, modernise the lighting and amenities, maybe even add a quality kitchen.

If you’re selling, your lease is everything. A strong tenant with a solid lease and good guarantees is key to attracting investors—though even then, they’re cautious. Commercial buyers are yield-driven, and right now they’re looking for 7% or more before they’ll consider jumping in.

That said, there’s been some smart counter-cyclical buying lately along Hunter Street and the East End. The long-term vision for the city is compelling—especially with light rail, the Uni campus, and more residential developments coming—but confidence takes time to rebuild.

Industrial Property?

The Hunter’s industrial market—particularly in areas like Beresfield, Thornton, Tomago and Cardiff—has been red hot. But we’re now seeing a softening in leasing demand.

Properties are staying on the market longer. If you’ve got one sitting vacant, focus on the 3 P’s: Price, Presentation, and Promotion. They’re your best shot at moving it quickly.

On the flip side, owner-occupiers are still buying, and smart investors are hunting for well-located warehouses with good functionality. We’re still seeing yields in the 6–7% range, especially for clean, high-clearance stock with good access.

Specialty Assets?

There’s still plenty of heat here in Newcastle and the wider Hunter.

Childcare centres are consistently in demand with investors sniffing around for stable, long-term income. Yields have remained sharp—between 5.3% and 5.5%.

And don’t underestimate service stations. A recent campaign Nathan Hunter and I conducted in Mayfield was advertised in the $4–4.5 million range pulled in over 300 enquiries. That tells you all you need to know—when it comes to specialist assets with solid fundamentals, buyer appetite is still very real.

So… How’s the Market?

It depends who you ask.

I had breakfast recently with a Town Planner, a Receiver, an Accountant, a Marketing Consultant, and a Men’s Health professional. Quite the mix.

The Accountant told me some clients are thriving while others are in real strife. The Receiver has never been busier. The Planner said the grass has never been greener (literally). And the Men’s Health consultant? He was talking about the tough emotional toll on men in regional communities and the scary statistics around suicide.

The takeaway? There’s no single answer. The economy is fragmented. The property market reflects that.

What Should You Do?

Whether you’re buying, selling, leasing, or just weighing your options—it’s more important than ever to get sector-specific, location-specific advice. The Newcastle and Hunter region is diverse, and so is its real estate.

Want to talk about your property, your suburb, your situation?

I’m always up for a chat—call me anytime on 0400 000 947.

Let’s talk local, real, and real estate.

Always A Good Move.

Steve Dick | Director Newcastle Commercial Pty Ltd in conjunction with MOVABLE | 0400 000 947