A home in Rankin Park is creating quite a stir among Newcastle home buyers this month.
Located on Coniston Close, the freshly renovated, three-bedroom, two-bathroom abode attracted more than 40 interested groups to its first home opening at the weekend, with more expected at its second inspection.
The 721sq/m property, described by its agent as an ideal family home, comes with a price tag between $790,000 and $850,000.
Three minutes’ drive from Elermore Vale Shopping Centre, seven minutes from John Hunter Hospital, and 16 minutes to Newcastle CBD, the address offers an enviable location as well.
“It won’t take long to sell because this home offers great value for money,” says Salt real estate agent Selina Rankin.
“In total 64 groups have been to inspect the property in five days.
“But, it’s also just one of many houses we have on our books that is attracting an influx of buyers at the moment.
“All of our open houses are full of people ready to buy.”
Chamberlain Brown Property Acquisitions managing director Matt Chamberlain says part of this home’s appeal lies beyond bricks and mortar.
“Most open homes we attended last weekend had 5-15 groups through on Saturday, this home had more than 40.
“I think it’s a sign of the times.
“A home like this can draw a lot of first home-buyer interest since it sits on the cusp of the First Home Buyers’ stamp duty exemption,” he says.
“The exemption is 100% up to a purchase price of $800,000 and scales down to 0% by the time a buyer spends $1,000,000.
“This property sits at an entry level price for an otherwise $900,000+ suburb, however the interest would suggest the eventual sale price could be towards the top end of the guide.”
The median house price in Rankin Park is $840,000, up 2.1% compared to February 2023. The last time the suburb had prices this high was in October 2022.
Both real estate agents and buyers agents in Newcastle are reporting a lot more activity in 2024.
“January started with a strong surge in demand, however we’re noticing some of the energy fading as property listings (and therefore choice) is increasing,” says Matt.
“February may start to favour the buyer more than January, but the longer-term outlook seems to be pointing towards continued price growth.
“Listing volumes were up by 40 this week, with the number of days on market taking a dive.”
- By Thursday afternoon, 8 February, Selina Rankin had received seven offers on the property.
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