Waratah (postcode 2298) is a smaller suburb in New South Wales within the Newcastle local government area. With a population of 4,927, the suburb has a settled mid-life population with a median age of 41. Households earn a median income of $79K per year, with an average household size of 2.2 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.1% year-on-year at the LGA level. NSW employment has moved +0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. NSW also had 37 Commonwealth-backed major projects under construction, 5 underway, and 75 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, community & personal service, clerical & administrative. Employment in the area leans toward healthcare and education. The top ancestries reported are English, Australian, Irish.
The median house price in Waratah is $930,000, having ticked up by 1.6% over the past year. Units have a median price of $735,000 (+27.5% YoY). The current median weekly rent is $550. This gives a gross rental yield of approximately 3.1%. The median monthly mortgage repayment is $1,827.
Waratah is served by 8 schools, including 2 primary, 1 secondary, 1 combined, 4 special. The average ICSEA score is 990, which is around the national average of 1,000. Public transport access includes 4 rail stations, 45 bus stops. Healthcare facilities include 2 public hospitals. The crime rate in the Newcastle LGA is moderate at 6,285 incidents per 100,000 population.
From an investment perspective, Gross rental yield sits at around 3.1% (moderate yield). Property prices sit below the state median ($930K/$1.5M), which can point to relative value. The price-to-income ratio of 11.8x is considered stretched. House prices have moved +1.6% year-on-year. Population growth of +1.1% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.