The biggest city in England’s north west is a great example of the need for buyers to focus on their main reason for buying.
Newcastle has been growing steadily in the past decade. How steadily? Well, a severe dip in prices following the 2008 financial crisis, and only luke warm overall demand, made for a slow recovery.
The average property price of just over GBP 128,000 in August last year (Hometrack) is just 3 per cent higher than prior to the crisis, just as the Greater Londons and Manchesters of the world attracted billions in infrastructure funding and international property appeal.
Its growth seems to be accelerating, however. Zoopla’s House price index (Hometrack) in December 2018 found that the city’s price rise of 3.3 per cent last year made it one of the few cities whose growth was higher than 2017 - others including Liverpool, Leeds and Sheffield.
Average prices at November 2018 as found by Homes.co.uk data are now at GBP 174,298, with flats averaging GBP 117,567, and houses ranging from GBP 159,148 and GBP 363,373 depending on if terraced, semi- or detached.
Asking prices are around the GBP 171,000 mark as a property market average this month, up 2 per cent on February 2018. But here we may have a disconnect between asking and finalising - Zoopla data found that more than 38 per cent of houses on its listings portal have had prices slashed.
So if buying for investment - expect something little slower burning than the fire cracker of Birmingham. If for personal, there are bargains. If for rental - excellent yields at present may be compromised by price fluctuation.
Home owners in New Zealand’s capital old enough to remember all three of the country’s rugby World Cup wins will likely relish the following news just as much.
The Wellington property market is one of the hottest among major cities in the southern hemisphere. Average asking prices in the final quarter of last year breached NZ$600,000 for the first time. This is up 9.9 per cent in October 2018 against 12 months earlier, adding to previous yearly rises.
A number of regions in the city have broken past records to deliver the $602,950 exact average figure. Porirua rose 13.4 per cent for the year period up to last October, the latest Trade Me property price index showed, with Upper Hutt and Wellington Central up 11 per cent and 9.4 per cent, respectively.
This is up $115,000 in two years, and up around $31,000 in the six months up to October 2018, executives told local media.
A lack of new supply in the capital and suburbs have met growing demand, as both the stability of the general economy and the popularity of the country among globetrotters have delivered a swift trade for estate agents and developers.
First-time buyers told media that listed prices are at least 5 per cent lower than realistically accepted offers. Those on the bottom rung of the ladder may continue to struggle this year as prices increase, though they may also turn to less fancied areas of the city.
Westpac economists pointed out that the price rise was also due to undervaluation that was now being corrected. Auctions are also busy, sometimes taking as many as 10 bids per property, including a record price at auction of more than $900,000.
The capital city of Spain’s southern Andalusian region seems to tick many of the boxes in a checklist of what makes a market grow steadily in price appreciation.
The climate of the region sells itself, though Seville is not a sleepy backwater - it is one of the country’s main business centres, and commercial real estate has been a component part of overall property price growth.
The Centrical and Monumental centre of the city has been popular with buyers given the proximity to amenities. SpainHouses.net however, points out that Triana represents the heart of the local culture.
The city’s property prices rose 2 per cent overall in last year’s second quarter. This sees it scrape into the top 14 locations over that period - demonstrating its steady nature compared to the 3.6 per cent and 3.2 per cent seen in Melilla and Barcelona, respectively.
Greater activity, if not significant price growth, is in evidence. Seville was the fourth most active market in the country in September by percentage growth compared to a year earlier - up 23.43 per cent. This represented 19,172 transactions, according to Ministerio de Fomento - roughly 55 per cent of the 32,000-odd transactions in the 2007 peak, when per square metre rates hit EUR 1,788.
Last year, prices were up 2.2 per cent at September against a year earlier to an average of about EUR 1,274 per square metre.
Lucas Fox, the broker, launched in 2017 its affiliate programme in areas relatively untapped by investors in Spain, and highlighted the city as one for ongoing steady growth. Further, the company believes that Spanish citizens will be a growing percentage of buyers, compared to the British, French and Russian mix in such cities in the last few years.