Property prices are a hot topic at the moment, as unprecedented growth means there's been a huge upsurge of interest in the market.
Many people are wondering what the future holds for property prices in Nelson Bay and whether now is the time to buy.
At Nelson Bay Real Estate, we have almost 40 years of experience in buying and selling property in Nelson Bay. We know the market can be difficult to navigate, so we’ve put together a round-up of Nelson Bay property prices so far in 2022 to keep you informed.
Latest Facts And Figures
Let’s start with what we know. Over the last year, the median property price for a house in Nelson Bay grew to $950,000, while the median price for a unit reached $580,000. Growth in house prices is up to 32.9%, which is vastly above the national figure of 23.7%, while growth in process for units sits at 20.8%.
For those looking for an investment property, the rental market is still strong, with houses bringing an annual yield of 3.1% and units delivering a 4.0% yield.
How Do 2022 Property Prices In Nelson Bay Fit With National Trends?
Property prices in Nelson Bay are much higher than the national trend and are also higher than similar areas such as Corlette and Anna Bay.
This growth is fuelled by the continued desire for pandemic-proof properties, as well as Nelson Bay’s popularity with older homeowners looking to secure their forever houses.
Will Property Prices In Nelson Bay Crash In 2022?
The huge amount of growth over recent years has caused many people to speculate on the likelihood of a property price crash in 2022.
Whilst it’s impossible to predict these things, we don’t think that a crash is inevitable. There’s evidence that growth is slowing, and we are seeing a general trend away from the sense of panic that fuelled the Nelson Bay property market during late 2021.
This means that property is taking a little longer to sell, which means a slight leveling off in prices, but we’re not seeing any sign of a dip in what people are happy to pay to live in Nelson Bay.
What other factors will influence Nelson Bay house prices in 2022?
The key driver for properties in Nelson Bay appears to be the ongoing desire to live in a pandemic-proof neighbourhood.
People want somewhere they can enjoy outdoor space easily, and somewhere with enough space internally to cope with a pandemic situation.
If you’re selling or bringing a home to the rental market, it’s essential to showcase the space available and maximise your outdoor living options.
Get In Touch
Our team at Nelson Bay Real Estate have years of experience in helping people buy, sell and rent in the area.
We have a range of properties for all types of buyers available for viewing now. To find out more, just get in touch using our online contact form, or call us on 02 4981 2655 to discuss your specific needs so that we can assist you.