Today I thought we would look at a suburb in Newcastle that offers entry points to the Newcastle property market but is still within the bounds of Newcastle/Lake Macquarie areas and reasonably close to everything. Despite these highlights, Gateshead is perhaps one of the more unloved suburbs.
A quick check of Gateshead on Wikipedia shows just how unloved the suburb is, with just two lines of information. Come on Newcastle and Lake Macquarie, we can do better than that!
The Pacific Highway runs right through the middle of the suburb and whilst the suburb is quite large geographically, most of the eastern side of the highway of the suburb is taken up with light industrial, with most of the housing for the area on the western side of the highway and the southern side of Warners Bay Road in a small pocket.
Gateshead is probably best known for the NSW selective sports school, Hunter Sports High School, which calls Gatehead home. The suburb also offers a large campus of St Paul’s Catholic Primary School, as well as the adjoining St Mary’s High School and the Lake Macquarie Private Hospital calls Gateshead home too.
In the past Gateshead had a large number of free standing department of housing dwellings however over the last few years many of these houses have been sold off to private buyers.
It is serviced by a small row of shops that includes everything from a Newsagency, mini mart and sandwich shop, to a bike shop! And whilst I doubt you would be able to do your weekly shopping here, you can definitely grab a carton of milk and the papers.
Given that the Pacific Highway runs right down the middle of the suburb it is well serviced by buses with the main shopping area of Charlestown, a 5-minute bus ride north.
Just like on Wikipedia when it comes to house prices Gateshead has been a little unloved but it is starting to attract some attention and with almost every house sold in the suburb trading in the last 12 months for less than $400,000, as buyers that are priced out of Charlestown will surely start looking in its direction.
The median price in Gateshead in January 2015 was just $287,750, more than $150,000 less than the median for Lake Macquarie.
With average rents in the area between $350 and $400 per week, the rental yield is above 5%.
A quick check of the properties sold in the last 12 months show that many have been bought, renovated and sold in a reasonably short period of time, so if you are checking out homes in this area, make sure you check on the quality of the work. Still there are not many locations left in Newcastle/Lake Macquarie where you can buy a fully renovated 3-bedroom house in the low to mid $300,000 and still only be a 10 minutes drive to the beach.
Do you live in Gateshead? I’d love to hear what you think of the area.
Don’t forget that if you are considering a new property purchase I would also love the chance to chat with you about your mortgage. Please feel free to get in touch with Margaret Godfrey Mortgage Broker Newcastle.