BY ALICE PEART
New data released by the REA Group has shown Newcastle's property market is resisting the worst of the downturn seen in capital cities across the country, with numbers falling to less than half of Sydney's.
Newcastle property prices are down from their peak by five per cent compared to Sydney at eleven per cent.
House prices across the country have been on a downward trajectory, particularly since the Banking Royal Commission and the subsequent tightening of lending practices.
Local property groups have attributed Newcastle's lack of 'bust' to the market relying more on home occupiers rather than investors.
The new data has also shown a spike in inquiries from buyers with consumer sentiment reportedly more positive.
Chief Economist for REA, Nerida Conisbee, has credited this recent spike to interest rate cuts by the Reserve Bank in a statement which said "all positive news for the local property market".
But, the cuts reflect a soft job market and stagnant wage growth with some areas of the Hunter reaching over the national average of five per cent unemployment, which has continued to remain steady in figures released today.
