The prices in real estate in Newcastle, in the New South Wales region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Newcastle has increased strongly during the last 6 months. In November, the average price per m² was $1,168. In the following month the price per m² increased considerably to $1,769. The price for the following two months in (January, February) had a considerable increment of 234 %. The price per m² has had a considerable increase of 1586 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $2,450.25 to $38,852.5 during March, and April.
Based upon to the price in Newcastle (suburbs), these have remained the same in the last 6 months. The average price for November is $752,711. During December the price had a considerable reduction till $548,000. In the following two months the average price has remained the same with regard to the previous two months from $650,355.5 to $618,133.5. Based on an analysis of the first four prices and the last two months the average price has risen strongly 162 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $1,108,375 they are 44 % more affordable than the average price for Newcastle. The properties with the lowest average price have 4 bedrooms, Their price is 17 % cheaper than the average. After that we have properties with 2 bedrooms priced at $647,369.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of $1,038 / m², with an average $71,773 / m² price in Newcastle. The properties with the lowest average prices have 1 bedroom. They are 3 % cheaper than the average followed by properties with 2 bedrooms with a price at $2,745 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $1,108,375 it is 65 % cheaper than the average price in Newcastle. "Villa" is seen as the second most affordable property type. The dearest property type is "Acreage" followed by "Townhouse". At a price of $897,859 it is 22 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House" at an average cost of $1,078 / m² followed by "Land" priced at $1,733 / m². "Acreage" is the most costly type of property with a $118,007 / m² cost followed by "Apartment" with an average price of $6,407 / m².