With the median house price continuing to climb in Sydney, savvy property investors are flocking to neighbouring Newcastle
in search of more affordable properties. Located 162km north-east of Sydney, Newcastle has become New South Wales’ next big boom town.
Significant investments in infrastructure, a revitalised central business district, an expanded university, and multibillion-dollar investments from the state government are rapidly turning this regional centre into to a potential global city.
“We are doing our bit as a council to attract investment, jobs and opportunity,” Lord Mayor Nuatali Nelmes told news.com.au.
And with the City of Newcastle Council projecting population growth of about 33% by 2036 and property prices on the rise, Newcastle has become a viable option for cash-strapped Sydney investors.
There are now more houses in Sydney worth more than $2m than there are worth under $600,000, according to new data from CoreLogic. In contrast, the median house price in Newcastle is only $530,000.
“Construction is booming in Newcastle after the value of approved developments soared 70 per cent last year to take the total green-lighted to more than $3 billion over the past five years,” Nelmes said. “Another bumper 12 months is expected to follow, with $106 million in building go-aheads in the first month of the financial year and $270 million in applications.”
“The city used to be an industrial powerhouse, but it is now transforming on a number of fronts, becoming one of the most vital [cultural], business and heritage hubs in New South Wales,” said Kevin Mason, senior buyers advocate at Propertybuyer.
With new light rail projects linking bus, ferry, and light rail timetables scheduled to be completed by 2019, Newcastle’s economy is expected to receive a major boost. Tens of millions of dollars on road projects are also being spent in and around the city.
“The Hunter Expressway, Tourle Street and Mayfield improvements, as well as an inner-city bypass, all boost transport options and promote growth at a local level,” Mason said. “The breadth of development in the pipeline is incredible, and it’s only just at the start of its ascendancies. We’re only two years into the best ever decade for infrastructure spending, and the ripple effect of Sydney is truly taking hold.”
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