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.

Missed Part 1? Read it here: World class infrastructure: the future looks bright for Newcastle

Missed Part 2? Read it here: World class infrastructure: the future looks bright for Newcastle

 Part 3: Solid growth prospects: Newcastle is delivering

As real estate prices in some capital cities continue to skyrocket, savvy investors have been turning to regional areas to stretch their investment dollars further. Nowhere is this more evident than in Newcastle, where strong growth is already afoot. In fact, property experts have identified Newcastle as being one of the five best locations to invest in an apartment in Australia.

Significant growth ahead

According to BIS Shrapnel’s Australian Housing Outlook 2016–2019, Newcastle experienced solid price growth over the past five years to June 2016, averaging 6.1% per annum (for houses and units combined).

Looking ahead, median house prices in Newcastle are forecast to continue rising by a cumulative 12% by June 2019, or around 4% per annum, to a median price of $550,000.

With Newcastle’s median house price just 48% of Sydney’s at June 2016, the anticipated population growth in Newcastle will add demand to the local residential market.

Newcastle’s population is tipped to grow by 65,000 over the next 15 years, driven in part by people fleeing the rising costs and congestion in Sydney. Newcastle also offers first home buyers a more realistic alternative to the Sydney market.

In terms of rental properties, in August 2017, vacancy rates were below the 3% balanced market rate at 2.7%, according to REINSW. In suburbs around the University of Newcastle, it has been reported that vacancy rates are close to 0%, with students struggling to find rental accommodation.

Infrastructure and innovation behind growth

The momentum of Newcastle’s growth is also being driven by the city’s focus on infrastructure development and innovation.

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.

And the recent opening of the $90 million Newcastle Courthouse and NeW Space, a $95 million city campus for the University of Newcastle, in addition to plans to install free WiFi and smart technology throughout the CBD, are strong signs that Newcastle is ready to shake off its industrial past.

What does this mean for you?

With attractive property prices and strong growth forecasts, 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.

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.

Missed Part 1? Read it here: World class infrastructure: the future looks bright for Newcastle

Part 2: Lifestyle and location: life’s a beach in Newcastle

Lonely Planet has listed Newcastle in its Top 10 cities, describing it as underrated with Sydney-like assets. And in 2016, Newcastle took out the no. 2 position in ‘Australia’s Top 10 Destinations to Experience’ by travel company Experience Oz. So what’s driving the popularity of Newcastle as a place to visit?

Central and scenic

Only a 40-minute drive from the wineries of the Hunter Valley and the natural beauty of Port Stephens and Lake Macquarie, Newcastle boasts an idyllic location on the central NSW coast. And with its own postcard-perfect beaches, the city continues to attract visitors in droves. 

Thankfully, the NSW Government is doing everything it can to enhance and preserve this for future generations. In addition to a $650 million Revitalising Newcastle program, which will improve transport and public spaces in the CBD, the Bathers Way project is constructing a 6km walkway between Merewether Ocean Baths and Nobbys Beach. Once complete, visitors will be able to easily enjoy the spectacular views of Newcastle’s coastline.

And due to the growing popularity of cruising, a new $13 million multi-purpose cruise ship terminal facility will be completed in Carrington by the end of 2018 – bringing in even more tourists to the area.

A blend of old and new

In addition to carefully maintained historic buildings such as Customs House, Civic Theatre and Fort Scratchley, Newcastle is also home to striking contemporary architecture like 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 $17.8 million Hunter Innovation Project, due for completion in 2019, will see the installation of free Wi-Fi and smart technology throughout the CBD, along with an Innovation Hub that aims to attract and retain entrepreneurial talent, and nurture businesses in new and emerging industries.

Preserving the city’s heritage, while embracing its desire to be a centre of innovation, will ensure that Newcastle maintains a unique cultural identity that will please Novocastrians and visitors alike.

Flourishing food scene

Over the last few years, Newcastle has begun to be recognised nationally for its contemporary approach to quality casual and fine dining. The café scene is buzzing, and restaurants such as Reserve, Rustica, Subo and Chef Hatted Restaurant Mason have made a name for themselves on the Australian food stage.

Craft breweries and Melbourne-inspired small bars are growing in numbers, particularly along vibrant Darby Street in Cooks Hill and Beaumont Street in Hamilton.

Honeysuckle, a major harbour renewal project, is now home to numerous waterfront restaurants, cafes and bars like Silo, which prides itself on its use of fresh Hunter produce, and Nagisa, a modern Japanese restaurant with an extensive Japanese craft beer and sake menu. And beach lovers’ favorite, Merewether Surfhouse, boasts a casual elegance with spectacular ocean views.

What does this mean for you?

With significant investment in urban renewal and innovation, a growing hospitality and tourism industry, and an enviable location and lifestyle, 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.

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.