1300 937 277Why you should invest in Newcastle
Located 160km north of Sydney’s CBD, the harbour city of Newcastle has so far escaped the astronomical prices that Sydney’s real estate market has become famous for.
However, with $6.5 billion in NSW Government funding set to reinvent this once industrial port city, Newcastle is on the verge of significant property price growth.
In this three-part series, we explore the reasons Newcastle is becoming the next investment hotspot – and why you should keep this city firmly on your radar.
Part 1: World class infrastructure: the future looks bright for Newcastle
With a proud history as a former industrial heartland, Newcastle has slowly been transforming since the closure of BHP steelworks in 1999. And thanks to a government-funded urban revitalisation program, the former steel and coal capital is gradually turning into a vibrant and innovative global city.
Revitalising Newcastle’s CBD
Nowhere is this more evident than in Newcastle’s CBD, which runs along the mouth of the Hunter River and looks out towards one of Australia’s busiest ports.
The NSW Government has committed more than $650 million to its Revitalising Newcastle program. The program aims to transform the city centre by improving transport, renewing public spaces, creating job opportunities and building affordable housing to cater to a growing population and tourism industry.
Over the next few years, the program is set to deliver the following:
- Newcastle Interchange – a new multi-modal transport interchange at Wickham in the city’s west
- Light rail between Newcastle Interchange and Newcastle Beach, reinvigorating Hunter and Scott Streets
- Road and footpath upgrades
- An overhauled bus and ferry service
- Renewed land dedicated to providing affordable housing, job opportunities, tourist attractions and public open space.
Embracing innovation
The Revitalising Newcastle program follows the opening of the $90 million Newcastle Courthouse development and NeW Space, a $95 million city campus for the University of Newcastle that prides itself on its innovative approach to education.
The university is one of Newcastle’s biggest employers, and with student numbers projected to swell to 40,000 over the next decade, it will become one of Australia’s top three regional universities.
Not only do these projects indicate a growing confidence in Newcastle as a place to invest, they also signify a transition away from the traditional blue-collar sector to knowledge-based services (NeW Space focuses on law, business and creative industries). The impact this will have on the area’s demographics and income levels will be significant.
Connecting Newcastle with its surrounds
As well as transport improvements within Newcastle, travelling to and from Newcastle has also been made easier.
The Hunter Expressway, which was completed in 2014, has reduced travel time between Newcastle and Sydney, and Newcastle and the Hunter region.
And the Newcastle Inner City Bypass, which is only one stage away from being fully completed, will improve traffic flow across the western suburbs of Newcastle and connect key destinations such as Charlestown, John Hunter Hospital, Newcastle University and the Pacific Highway.
Recent upgrades to Newcastle Airport, including terminal expansion and improved security and technology, mean that it’s a step closer to direct international flights. Although no major airlines have confirmed they will start operating international flights yet, the airport is doing everything it can to secure them.
This has the potential to put Newcastle on the map as an emerging global city, and be an additional incentive for regular business or leisure travelers to relocate from nearby areas.
What does this mean for you?
Significant investment in infrastructure, urban renewal and innovation means that Newcastle represents a truly exciting investment opportunity. But the time to get in is now, before the completion of major infrastructure programs drives property prices further.
Want to know more?
We have a number of exciting investment opportunities coming up in Newcastle soon. Please contact us today to find out how we can help you build wealth through smart property investment.