HOUSE values in six suburbs across Newcastle reached new heights this year.
Data compiled by CoreLogic found 17 of the 80 suburbs analysed across Newcastle and Lake Macquarie held a median house value at or above the $1 million mark as of November 2023.
Six of these markets entered the million dollar club over the course of the year in New Lambton Heights, New Lambton, Hamilton, Carrington, Broadmeadow and Adamstown Heights.
The median house value in New Lambton Heights grew 8.1 per cent over the year to $1,016,095, up from $939,982 in December 2022.
McGrath New Lambton selling agent Carly Knight said the increase in the suburb's median value could be attributed to a rise in stock coming on to the market in New Lambton Heights.
"More houses have become available for sale in that area than usual," Ms Knight said.
"Usually New Lambton Heights only transacts 15 to 35 properties per annum and that has jumped up.
"As stock levels everywhere else continue to remain low, having those available properties in New Lambton Heights means people are finding those properties and having really no choice but to purchase them."
Its neighbouring suburb of New Lambton recorded growth of 5.8 per cent to hold a median value of $1,015,227.
In December 2022, the median house value in New Lambton was $959,448.
Big sales such as a four-bedroom home at 54 Addison Road in New Lambton, which sold for a record sum in November, boosted the suburb's median house value in 2023.
In Broadmeadow, house values increased by 3 per cent since December last year from a median of $976,590 to $1,006,033.
The recent sale of a home at 120 Chatham Street topped the median in the suburb after it sold for $1.45 million at auction with Spillane Property.
House values in nearby Hamilton climbed 4.5 per cent to hold a median of $1,036,396, up from $991,784 a year ago.
Patrick Skinner, from Spillane Property, has overseen a string of significant sales above $1 million in Hamilton this year including 94 Lindsay Street ($1.7 million); 14 Teramby Road ($1.29 million); 212 Lindsay Street ($1.95 million); and 111 Denison Street ($1.125 million).
"Any of those fringe suburbs like Hamilton and Broadmeadow, they have really taken off," Mr Skinner said.
"People get priced out of inner city suburbs and these offer quite a healthy price point, so everything around that $1 million to $1.2 million mark is where we're finding a lot of demand."
Homeowners in Carrington saw their median house value increase from $969,372 to $1,011,123 with 4.3 per cent growth.
Ray White Newcastle selling agent Brett Bailey said it was interesting to note that 70 per cent of housing stock in the suburb sits on block sizes of 165 or 250 square metres.
"That means 70 per cent of the market in Carrington were originally worker's cottages or slightly larger worker's cottages, so the median value is quite an impressive figure when you put it into that context," Mr Bailey said.
"Most of the suburb doesn't have off-street parking either."
He said demand from buyers wanting to live close to the city was driving prices in Carrington where he has sold five of the 18 properties that reached in excess of $1 million this year.
"Younger people want to move in and be close to the city and we are seeing older people who also want to downsize into that area," he said.
"Buyers are attracted to its proximity to the city and its sense of community."
Recent sales that topped the $1 million mark in Carrington included Mr Bailey's auction of a 1920s cottage in original condition at 47 Denison Street which sold for $1.46 million.
Adamstown Heights saw a growth of 4 per cent to hold a median house value of $1,028,135, up from $988,135 12 months ago.
No suburbs fell out of the million dollar club this year.
Suburbs across Lake Macquarie that held a place in the $1 million club were Caves Beach median house value $1,121,627); Eleebana ($1,185,710); Murray's Beach ($1,321,125); Redhead ($1,577,617); Valentine ($1,191,594); and Coal Point ($1,094,567).
In Newcastle, the suburbs that held on to their $1 million-plus median value for houses were Cooks Hill ($1,511,234); Hamilton South ($1,469,455); Merewether ($1,781,849); Merewether Heights ($1,585,117); and Stockton ($1,100,097).
The data follows reports that house values across Newcastle and Lake Macquarie recorded the strongest growth in NSW in November.
CoreLogic's national Home Value Index (HVI) report released earlier this month showed houses in the region experienced value growth of 1.3 per cent last month.
The median house value in Newcastle and Lake Macquarie rose to $878,672.
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