HOUSE and unit values across Newcastle and Lake Macquarie recorded the strongest growth in NSW in November.
CoreLogic's national Home Value Index (HVI) report released on Friday showed houses and units 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 and units hold a median value of $658,633.
The rise in values marks the third consecutive month of growth for dwellings in the region following increases of 0.5 per cent in October and September.
"Housing values across the region have been consistently rising since March, however, the 1.3 per cent rise in November was a step up in the pace of growth, bucking the Sydney trend where value growth slowed sharply to 0.3 per cent," CoreLogic research director Tim Lawless said.
"In fact, the 1.3 per cent rise in November was the largest monthly gain since January 2022."
Since finding a floor in December last year, housing values in the region have increased by 6.2 per cent.
However, values remain 3.0 per cent below the record high recorded in April last year.
"The house and unit sector are showing a fairly similar performance across the Newcastle and Lake Macquarie region, with values up 2.0 per cent and 2.3 per cent respectively over the rolling quarter," he said.
Mr Lawless added that advertised stock levels across the region remained well below the decade average.
CoreLogic tracked 2053 listings across the broader region in November.
"[This was] slightly lower than at the same time last year (-0.6 per cent) but 8.0 per cent below the decade average for November," he said.
In the Hunter Valley (excluding Newcastle), houses and units in the Hunter Valley also recorded growth in November.
House values increased 1.0 per cent to hold a median value of $694,790 and units recorded growth of 0.7 per cent with a median value of $533,420.
Overall, CoreLogic's national Home Value Index rose 0.6 per cent in November, marking the smallest monthly gain since the growth cycle commenced in February.
Despite the slowdown, the national HVI reached a new record high in November.
After falling 7.5 per cent from a peak in April 2022 to a trough in January 2023, national housing values have bounced 8.3 per cent higher over the past 10 months.
The rise in values follows a string of record sales across Newcastle and Lake Macquarie.
Five residential properties achieved suburb record sales in November, including a four-bedroom, two-bathroom home at 64 Power Street in Islington this week.
The price was undisclosed, however, Harcourts Newcastle listing agent Joel Soldado said the sale topped the previous suburb record.
"The residential record for Islington had been $1.81 million at 27 Chinchen Street which was the old Newcastle Plastics Factory, which underwent a full warehouse conversion," Mr Soldado said.
"This one sold upwards of that price."
Despite a run of top sales in November, Mr Soldado said some buyers in Newcastle continued to show signs of being cautious.
"Buyers are definitely cautious at the moment and they are almost sitting back waiting for something to unfold," he said.
"There are still some really good buyers out there and the local buyers in particular, if they're selling in the same market we are finding there are still some really strong numbers especially for good homes."
Mr Soldado said the renovated 1800s-era home in Islington was sold prior to auction to a family from the Newcastle area.
"We had two parties running on it and one party that just really loved it," he said.
"It was a beautiful late 1800s home on the park, so it has always been a very desirable property."
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