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Newcastle Real Estate

Over the last two years, there has been a significant increase in the amount of investment into the Newcastle Region. Both from the private and public sectors. This has lead to an increase in demand for housing in the region also. Most of the Newcastle Real Estate market has been dominated by investors. Either self managed super funds or regular investors that have heard of the commentary and are keen to capitalise on some of the largest projects ever seen in our region.

The first to kick off the drive was the sale of the Newcastle Port lease. This generated over $1.75 billion in revenue which some of which has remained in the Hunter for infrastructure. The sale of the port lease alone will create countless jobs of its function diversifies from largely coal to potentially importation of vehicles, containers or any number of industries that have previously been held back by bureaucracy.

The next phase is then the redevelopment of our CBD. It has come leaps and bounds already  with wine bars, cafes and restaurants popping up on almost every block now. The increase in activity will soon be buoyed by several apartment blocks that have yet to come out of the ground but are sure to drive the Newcastle Real Estate market in the right direction. There is a risk of oversupply if the majority are bought by investors with a higher than normal vacancy rate at the moment.

The truncation of the heavy rail line to Wickham is a good start but in my opinion it needs to move further west to the Woodville Junction (meeting point of the Hunter and Sydney lines). There is a greater availability of land and we wouldn’t have issues with crossing closures. Trains can terminate at Broadmeadow in the interim. This site is far more accessible to traffic and has the ability to create a huge park and ride hub. The catch is that it is heavily contaminated land on the old gasworks.

The establishment of the inner city campus of The University of Newcastle  along with the Newcastle Law Courts (currently under construction) will drive demand closer to CBD for affordable accommodation. I will cover off on these in more detail in my blog.

As a Newcastle Buyer’s Agent, I have seen a lot of interest from buyers outside of Newcastle seeking to invest or relocate here. To find out more about Newcastle Buyer’s Agent service you can send me an email here.