Newcastle house owners have started clawing back some of their on-paper losses after September figures showed a 0.6 per cent rise in property prices. On the same day the Reserve Bank of Australia cut official interest rates to a record low of 0.75 per cent, CoreLogic issued data showing the median price of a house in the Newcastle and Lake Macquarie local government areas climbed to $543,000 last month. Apartment values fell 1 per cent after rising 0.7 per cent in August. Outside Newcastle, the rest of the Hunter enjoyed a 1 per cent rise in median house prices, to $433,000, after dropping 0.8 per cent the month before. Unit prices in the rest of the Hunter fell 0.2 per cent and are now at a median of $334,000, or 20 per cent below their price peak. Nationally, the market rose 0.9 per cent in September, its biggest monthly hike since March 2017 and its third consecutive month of growth, driven largely by a 1.7 per cent monthly rise in Sydney and Melbourne. Sydney and Melbourne median prices have jumped more than 3 per cent in the past three months. CoreLogic analyst Tim Lawless said population growth and the jobs market remained stronger in NSW and Victoria compared with the rest of the country. READ MORE Lower interest rates and improved access to credit were also fuelling price rises. "There is evidence that many of the largest regional centres are starting to recover with Geelong, Illawarra and Newcastle-Lake Macquarie all recording a rise in value over the September quarter," Mr Lawless said. Another CoreLogic data set shows 6 per cent of Newcastle residential properties sold in the June quarter did so at a loss to their owners. The proportion of houses and units selling at a loss doubled in Newcastle over the year to June 30 and was at its highest level since October 2013. In the rest of the Hunter, 7.1 per cent of the houses and units to change hands sold at a loss in the June quarter. Meanwhile, Hunter developer GWH has defied industry speculation and started construction of its 19-storey Sky Residences project in King Street. The building is on a site GWH bought after Jemalong Property Group abandoned the 18-storey Icon Central development in 2017 due to what it called "long and avoidable delays in statutory planning and the approvals process". GWH director Hilton Grugeon said the company had sold about half the 180 apartments in Sky Residences off the plan. He said GWH had started double-checking the engineering of its projects after recent negative publicity about the quality of apartment building in Australia. While you're with us, did you know the Newcastle Herald offers breaking news alerts, daily email newsletters and more? Keep up to date with all the local news - sign up here. IN THE NEWS:
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SOLD: This classic 1920s Merewether residence was secured at auction last weekend for $1.48 million.
CHARMING: This terrace on the Hill is positioned on two blocks of land and sold under the hammer for $2.66 million.
COASTAL LUXURY: The $1.7095 million sale of this Redhead property was the highest for the suburb this year.
INNER CITY SALE: This unique Cooks Hill residence was marketed with a guide of $1.9 million and secured for an undisclosed sum.
This Wallsend property was sold at auction for a street record $625,000.
This four-bedroom house at 31 Aries Way in Elermore Vale sold for $765,000 during the week.
This home at 7 Grevillea Close in Adamstown Heights, close to Fernleigh Track and Glenrock State Conservation Area, sold under the hammer for $905,000 on Saturday.
This home at 37 Steel Street in Hamilton sold for $680,000.
Newcastle house owners have started clawing back some of their on-paper losses after September figures showed a 0.6 per cent rise in property prices.
On the same day the Reserve Bank of Australia cut official interest rates to a record low of 0.75 per cent, CoreLogic issued data showing the median price of a house in the Newcastle and Lake Macquarie local government areas climbed to $543,000 last month.
Apartment values fell 1 per cent after rising 0.7 per cent in August.
Outside Newcastle, the rest of the Hunter enjoyed a 1 per cent rise in median house prices, to $433,000, after dropping 0.8 per cent the month before.
Unit prices in the rest of the Hunter fell 0.2 per cent and are now at a median of $334,000, or 20 per cent below their price peak.
Nationally, the market rose 0.9 per cent in September, its biggest monthly hike since March 2017 and its third consecutive month of growth, driven largely by a 1.7 per cent monthly rise in Sydney and Melbourne.
Sydney and Melbourne median prices have jumped more than 3 per cent in the past three months.
CoreLogic analyst Tim Lawless said population growth and the jobs market remained stronger in NSW and Victoria compared with the rest of the country.
Lower interest rates and improved access to credit were also fuelling price rises.
"There is evidence that many of the largest regional centres are starting to recover with Geelong, Illawarra and Newcastle-Lake Macquarie all recording a rise in value over the September quarter," Mr Lawless said.
Another CoreLogic data set shows 6 per cent of Newcastle residential properties sold in the June quarter did so at a loss to their owners.
The proportion of houses and units selling at a loss doubled in Newcastle over the year to June 30 and was at its highest level since October 2013.
In the rest of the Hunter, 7.1 per cent of the houses and units to change hands sold at a loss in the June quarter.
Meanwhile, Hunter developer GWH has defied industry speculation and started construction of its 19-storey Sky Residences project in King Street.
The building is on a site GWH bought after Jemalong Property Group abandoned the 18-storey Icon Central development in 2017 due to what it called "long and avoidable delays in statutory planning and the approvals process".
GWH director Hilton Grugeon said the company had sold about half the 180 apartments in Sky Residences off the plan.
He said GWH had started double-checking the engineering of its projects after recent negative publicity about the quality of apartment building in Australia.
While you're with us, did you know the Newcastle Herald offers breaking news alerts, daily email newsletters and more? Keep up to date with all the local news - sign up here.
