Time to Invest in Newcastle Residential Property is Now !

What is behind Newcastle’s Billion Dollar Growth?

 

“National Geographic named Newcastle as one of the world’s top ‘smart cities’ – Newcastle is no longer in transition; it is happening!”

 

Newcastle’s city and foreshore continues to undergo massive rejuvenation attracting residential property investors into Newcastle where new jobs, low prices and plenty of opportunity for residents and university students in this fast emerging lifestyle hub are at play. Newcastle is fast becoming a major economic hub with a stable economy, low unemployment and an undersupply of residential property

 

With $6.5 billion worth of infrastructure planned or under way and nearly $2 billion in private development projects, Newcastle is a burgeoning force in becoming one of Australia’s most sought after Regional Cities

Undergoing a revitalisation and gentrification process Newcastle is emerging as a growing employment hub and emerging economy adding significant value to the state of NSW with may infrastructure projects underway today and planned and budgeted for. This emergence is creating new jobs, offering residents a wonderful lifestyle and thus attracting a significant population growth as a direct result

For these reasons 60% of Newcastle’s building cranes are for residential development; you only have to look at what is happening on the ground at West End in Newcastle to get a glimpse of how Newcastle continues to emerge into an economic powerhouse

 

Some infrastructure projects under way in Australia’s 7th largest city :

“Transformation of an area has an immediate impact on property values offering intrinsic value.”       What are these growth drivers read more here

  • The NSW government’s “Revitalising Newcastle” program started in 2015 with more than $650 million dollars of investment
  • Commencement of the $260m light rail network
  • The new $200m Newcastle Interchange at Wickham opened October 2017 as a major gateway to the city centre linking bus, taxi, train and from early 2019 the new Light Rail. Planned to open up Urban Renewal opportunities. The interchange at Wickham created 400 full time jobs and the construction of the new Gateway office development
  • Planned to become a university town positioning itself as an education destination
    • $95m University of Newcastle city campus called NeW Space opened July 2017
    • Former law courts bought by Japan’s Nihon University for first ever offshore campus
    • Submission of development application for 7 University buildings on former Honeysuckle site for an innovation hub will also include student accommodation and public space
    • Propensity to double current student figures which stand at 3,000 today
  • $90 m NSW Law Courts opened in 2016
  • A permanent multi-purpose cruise ship terminal has been announced securing Newcastle’s future as a cruise ship destination
  • Newcastle took over the V8 Supercar competition injecting $57m into the Hunter region attracting 81,000 visitors with a 5 year commitment

 

Residential Property updates :

Few locations nationwide can match the performance of Newcastle, where every suburb has had double digit growth in their median prices and many have grown by 20% and more (aside from Geelong in Victoria)

Wickham

On the back of a continued and planned for population growth and an almost 50% price disparity compared with Sydney the Newcastle Residential Property is under immense pressure to build and provide new dwellings thus fueling significant residential development in Newcastle

300 apartments were released to the market in 2018 and will increase to 428 in 2019 and another 478 in 2020 to meet current demand. Colliers believe in terms of new supply there is still an undersupply of stock and will continue to remain in place in the coming years due to new jobs and population growth. Newcastle was a major challenge to develop due to undermining and the new $17m Grouting Fund has been a game changer for development in Newcastle

The new Gateway at Wickham which created 400 new full time jobs also stimulated construction of residential developments in the area resulting in The West End. West End now includes the $14m Denison Street Tower for 58 apartments, a plan to turn the Wickham Woolstores into 310 units and the new Doma Group’s $37m Bishopsgate development further stimulating the construction industry and jobs market

The recent announcement and launch of the $104m Stellar on Hannel in Wickham will continue to change Newcastle, Australia’s Tenth Largest City. The project will include ground floor commercial space with 149 apartments built onto

With the approximate 20,000 new jobs created due to the relocation of Newcastle’s commercial hub into Wickham there is an ongoing requirement for gentrification through residential development in the area

 

Hunter Street Mall

Hunter Street Mall is currently undergoing a massive $750m redevelopment and will provide 500 units across their 1.6 hectare east end development. The recent construction of the $27m Aero apartments located on Hunter Street already added immense value to this location attracting the new East End Retail Precinct $750m development

The new $130m Verve apartments will complete in mid 2019 and be the tallest building in Newcastle being 19 stories

For more information on why Newcastle and the region read more here

 

 

“With a diverse and stable economy, strong jobs growth, low unemployment and stock undersupply, I challenge anyone to find a better place than Newcastle, across all of Australia to invest in,” Crawford said.

 

 

 

 

 

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