About Cameron Park
Cameron Park is a family friendly suburb within the Lake Macquarie Local Government Area around 19km west of central Newcastle. It is close to major transport links offering a 15 minute commute to Newcastle CBD, a 70 minute drive to Sydney and 40 minutes to the Hunter Valley.
Whilst the suburb has existed since 1905 as “Estelville”, it was sparsely settled till the last 10 years when significant subdivision created the Northlakes community and the name Cameron Park was adopted in August 2001. Residentially speaking, it is a new suburb of superior quality to those surrounding and maintains exclusivity based on its relatively small area. Cameron Park is less than 1km square and its tight geographic positioning makes it a boutique enclave.
Australian Property Monitors statistics on Domain show Cameron Park is 30% more expensive than other suburbs within the 2285 postcode (Macquarie Hills, Cardiff, Cardiff Park, Cardiff South, Glendale, and Edgeworth) and 15% more expensive than the LGA. This reflects the superior quality of life in Cameron Park, including better housing, 100 hectares of community parkland and abundant surrounding bushland.
The median house price in Cameron Park in December 2010 was $442,000 compared with a $363,000 median price in the region. The long term growth trend for houses is 9.7% p.a. - superior to the region average of 8.9% and houses in Cameron Park spend an average of 57 days on market as opposed to the region’s 107 day average.
Decade average pricing shows Cameron Park to be around 25% more volatile in growth rates than the LGA, probably reflecting the significantly higher price bracket and a potential for greater gains in a buoyant market. To some extent these are the sort of teething problems that new residential areas experience as they become established.
The Australian Bureau of Statistics shows that in a city with high owner occupier ratios, Cameron Park’s is around 10% higher than the Newcastle average. About 75% of homes in the suburb are either fully owned or being paid off by their occupants, which is potentially very good for investor capital growth. The suburb is also on average younger than the LGA with both more 5-19 years and fewer 60 years+ residents.
As always, NextHotSpot is looking for ways to help our members find value and the thoughts of local agents are often useful. Brett Mitten, principal of Ray White Belmont has observed the wins that several of his clients have had with sloping blocks in Cameron Park.
Traditionally, sloping blocks have presented the problems of erosion, retaining walls, drainage and building expense. The benefits they offer may include views, individual character and cheaper purchase price.
Brett’s experience at Cameron Park is that sloping blocks in the suburb attract more capital growth than flat blocks of land. Whilst the build is certainly more expensive, the land is often around 25% cheaper, with the overall result that completion of a home costs in the low $400,000s in either case.
Pockets of sloping land offer views of something, usually bushland, and a better streetscape with varied housing heights, roof pitches and styles of build. Additionally, using bearer and joint technology creates the ability to build large decks, create garages under the house, and improves issues such as airflow and pest management.
Ray White Belmont’s two most recent sales in Cameron Park were houses on sloping blocks which cost around $420,000 to complete and sold immediately for over $500,000. Brett’s opinion is that this approach in the suburb “achieves more” than a conventional build.
Register Your Interest:
The NextHotSpot has secured access to a limited supply of sloping blocks in the Cameron Park area. We’re so keen on them that we have personally invested in one of these these and we’d love to share our reasons why –
Please click here and send us your details and a NextHotSpot consultant will call you shortly.
Cameron Park is close to all amenities including 2 major shopping centres within 10 minutes drive (at Glendale and Edgeworth), an array of beaches within 20 minutes, and a trip of 40 minutes to the Hunter Valley wineries and mines.
The suburb typically offers a superior standard of dwelling than surrounding suburbs and has maintained significant open spaces and bushland. All these factors add up to a picture of a well to do family suburb, where most families tend to stay for lengthy periods, many till retirement.
Of particular interest to the investor is the strong owner occupier ratio, accessible pricing in a desirable area and a relatively liquid market.
Please click here to contact us if you have any questions about this weeks feature report.
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