In the most recent six to twelve months, there has been hot media speculation on what is going to happen with the Sydney property market – some industry experts saying the ‘boom’ is finished and others saying it will still be quite some time until we see some noticeable cooling periods across the board. Meanwhile, chances are also high that you have heard about the rejuvenated powerhouse, Newcastle.
With many first home buyers and investors on the hunt for an investment property to sink their teeth in anywhere around New South Wales, Queensland or Victoria just to get a foot into the market – I delve in and take a short yet sharp and detailed look into the government funded campaign to communicate the positive change surrounding Newcastle and it’s rebirth which has been shown major interest from developers and investors alike for the past 12 months – ‘Revitalising Newcastle’.
Revitalising Newcastle is a NSW Government program focused on activating the city to attract people, new enterprises and tourism to Newcastle. The NSW Government is investing more than $500 million in the program to transform the city centre by strengthening connections between the Newcastle CBD and waterfront, creating job opportunities, providing new housing and delivering attractive public spaces connected to better transport. The program follows NSW Government investment in the University of Newcastle’s city campus – NeW Space – and the Newcastle law courts, which opened in 2016. Both projects demonstrate the growing confidence in Newcastle as a city in which to invest.
The output generated by the Newcastle economy is estimated at $32.593 billion. Newcastle represents 34.39 % of the $94.783 billion in output generated in Hunter Region, 2.97 % of the $1.098 trillion in output generated in New South Wales and 0.95 % of the $3.438 trillion in output generated in Australia. Below is a more detailed scope on the statistics within specific industries further more solidifying Newcastle’s strength to the NSW economy alone.
Revitalising Newcastle is another step closer to delivering on its promises to the community, through the lodgement this month of a Development Application (DA) for stage one restoration and maintenance works of Newcastle Station.
The station site has been stamped as ‘tourism’ through the planning proposal, which would allow a variety of recreation and tourist uses to ensure the site becomes a hallmark destination befit of its prominence and heritage value.
“We want to ensure this valuable and much-loved city asset does not sit unused any longer. The last thing anyone wants is to see this beautiful building sit and rot. “We are going to breathe new life into the station precinct to ensure the community can enjoy these historic buildings for years to come,” Revitalising Newcastle Program Director Michael Cassel said.
Hopeful property investors should be continually looking outside of their backyard to help get their foot into the market. Infrastructure fundamentals such as schools, jobs, hospitals and multiple economic drivers should underpin the area for future growth. Having someone guide you throughout the whole property investing process is important as our market conditions are constantly changing.
Contact the Luxland team to start with your strategy planning session today and get your foot securely planted into the Newcastle property market with Luxland – firstname.lastname@example.org