MEDIAN houses prices in Fletcher are edging closer to the $1 million mark.
Five years after achieving its first sale above $1 million, the suburb's median price for a house has grown to $916,665.
House values have risen 8.4 per cent in the past 12 months and recorded an increase of 51 per cent over the past five years, according to CoreLogic.
For dwellings (houses and units), the past five years saw Fletcher prices rise by 43 per cent to hold a median of $908,621.
"The past 12 months has seen a stronger rise in Fletcher dwelling values, up 7.6 per cent compared with a 5.5 per cent rise across the broader Newcastle region," CoreLogic research director Tim Lawless said.
"Fletcher dwelling values, based on the median, were approximately $67,000 more expensive than the broader Newcastle and Lake Macquarie average in January 2024, demonstrating a 7.9 per cent premium over the broader market."
A total of 72 houses in Fletcher have sold for seven figures since 2019.
The suburb record was set in March last year when a five-bedroom, three-bathroom double storey home at 12 Magnolia Close sold for $1.75 million with Belle Property's Luke Morrison.
The result smashed the previous record by $150,000.
Other significant sales in the past 12 months include 37 Waterside Drive ($1.435 million, October 2023); 31 Prestwick Street ($1.42 million, November 2023); 39 Tallowood Crescent ($1.42 million, March 2023); 410 Minmi Road ($1.335 million, May 2023); 19 Brookfield Avenue ($1.325 million, January 2023) and 92 Churnwood Drive ($1.32 million, October 2023).
Mr Morrison has listed a five-bedroom home on 654 square metres overlooking the wetlands at 14 Panorama Close which he anticipates could fetch one of the highest prices in the suburb.
"We have had interest in the $1.4 million region," Mr Morrison said.
Mr Morrison has sold 34 houses in Fletcher, with an average sale price of $950,000.
He said the suburb was drawing an increased number of out-of-area buyers due to its proximity to arterial roads linking to Newcastle, Lake Macquarie and Maitland.
"I have seen a lot more interest from out-of-area buyers, meaning buyers that live outside of 2287," he said.
"We are seeing lots of buyers from Western Sydney, for example, the husband might work at John Hunter Hospital and his wife can get a job at Maitland Hospital, so it has a lot of appeal."
Homeowners who already live in Fletcher account for a large portion of buyers snapping up new homes in the suburb, according to Mr Morrison.
Families who bought affordable house and land packages in Fletcher a decade ago are selling up and buying larger homes.
"We are seeing a lot of families who built in the area now upsizing into their dream forever home because it was only 10 years ago you could buy a house and land package for $450,000 to $500,000," he said.
"Those houses are now worth $1 million, so after seven or eight years they're upsizing into a home with the premium finishes that in 10 years time might be worth $2 million.
"It is something that we see a lot of."
According to CoreLogic, properties in Fletcher average 25 days on market and 111 houses have sold in the suburb in the past 12 months.
That includes an uptick in investment property sales in Fletcher which, according to Mr Morrison, has led many renters to buy into the suburb.
"Investors are selling and the houses going to owner-occupiers because people have rented in the area and now want to buy," he said.
- Readers can now subscribe to Australian Community Media's free weekly Newcastle Herald property newsletter.
The newsletter will keep you informed about what's currently making headlines in the region's real estate market and beyond.
To sign up, click here, scroll down, enter your details, click the 'property' box and then click 'subscribe'.
