A RUN of quick sales across Newcastle has seen homes in Hamilton, Cooks Hill and Mayfield sell almost as soon as they hit the market.
Colliers Residential Newcastle selling agent Anthony Merlo's recent listing at 72 Parkway Avenue in Cooks Hill found a buyer in just six days.
The figure is well below the median of 33 days on market recorded for houses in Newcastle and Lake Macquarie, according to CoreLogic's data from January.
The four-bedroom home on one of Newcastle's most sought-after streets sold for $3.55 million, which was around $50,000 above the guide, according to Mr Merlo.
"Some 25 parties inspected the property and that led to an exchange of contract within six days of its market release," Mr Merlo said.
"Over the last five weeks I have seen buyer interest and numbers at open homes, from investor to home buyers alike, increase but more importantly they are making offers and securing properties in shorter time frames ."
It was one of two quick sales for the agent this month.
Mr Merlo's listing of a one-bedroom apartment in the Terminus Apartment Hotel at 407/111 Scott Street, Newcastle was also snapped up in six days.
It was sold to an investor for $625,000 after multiple offers.
He said increased numbers at open house inspections indicated buyer activity was much stronger compared with the last quarter of 2023.
"There certainly has been a turnaround from late October, November and December where properties still sold steadily, but buyer interest was somewhat lacklustre," he said.
"Many were sitting on the fence not sure whether to buy, or not to buy, as they were still uncertain to what the interest rate positions may have been."
The Reserve Bank of Australia (RBA) held the cash rate steady at 4.35 per cent in February, reinforcing the view that interest rates may have peaked.
Mr Merlo expects more buyers to enter the market this year given predictions the RBA could hand down a rate cut later this year.
Buyers were also quick to pounce on a freshly renovated three-bedroom home in Hamilton.
Street Property's Damon Sellis' listing at 3 Oliver Street drew 60 groups through open house inspections and sold for $1.050 million in 10 days after receiving multiple offers from buyers.
"It was a beautifully renovated property to the specs of what people want today, and it was busy," Mr Sellis said.
"We had 46 groups at the first inspection and the second inspection had 14 groups through, and we finalised the sale for the owners in 10 days."
Fast sales are across the board.
Mr Sellis sold a run-down two-bedroom weatherboard home at 6 Hay Street in Mayfield to a first-home buyer within eight days.
"It was on the market for a week but it was completely on the other side of the scale being unrenovated," he said.
"We had 40-plus groups through that home and the guide was $690,000 and it sold for $770,000 after eight days on market."
Mr Sellis agreed that predictions of a rate cut later this year had spurred buyers back into the market.
"Not everyone is buying but certainly people have property on their mind and they're coming out in the masses again, so it is busier," he said.
"I think everyone is seeing that interest rate rises are possibly a thing of the past and now is the time to start buying again because this could be the bottom of the market."
Earlier this month, a three-bedroom duplex at 2/16 Alkoo Crescent at Maryland also sold after just 10 days on market.
It sold at the top end of its guide for $650,000 to a first-home buyer.
The property's listing agent Cassandra Orford from Green St Property said homes at the lower end of the market were quicker to sell.
"Obviously as the price goes higher there are less buyers that can afford that price range so properties under the $700,000 mark have had a notable increase in activity," Ms Orford said.
"The fact interest rates are likely to hold or go down, we are seeing a lot more activity in that first-home buyer market."
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