Newcastle combines beach culture with a thriving arts scene
Just two hours from Sydney and rapidly becoming a sophisticated, cosmopolitan centre in its own right, Newcastle holds rich and attractive opportunities for any investor. It wasn’t always this way. For a long time Newcastle was one of the roughest places in NSW. It was a coal port full of sailors, miners and a city based on steel and industry. Then, the recession of the early 90s hit the city hard, as did the closure of the BHP steelworks, the largest employer in the area. Few would have predicted that Newcastle would turn around to becoming the second most populated city in NSW with an exodus of Sydneysiders flocking to it each year.
Newcastle has transformed itself from entirely dependent on coal and steel based industrial city to more service based, especially in the areas of education, health and tourism.
What makes Newcastle so attractive to visitors?
It’s a combination of things. It has a strong beach culture and a thriving arts scene. The historic and elegant buildings scattered throughout the city are a tourist drawcard. It’s a short drive to Port Stephens and the Hunter Valley with its blossoming wineries. Pictured on left is the heritage-listed Commandant's Baths, on right is John Curtin School of Medical Research.
Newcastle is a growing, self-contained city
Newcastle’s population is 163,884 and the Department of Planning have projected it will reach 190,000 by 2036. It has a gross regional worth over $14 billion. It has also slashed unemployment (traditionally a bugbear of the Hunter area) by 2 per cent over the last year, thus strengthening the labour market. Meanwhile, both private and government sectors continue to pump investment money into it as a very innovative and dynamic regional centre. Data source: ABS Census 2016.
Children Per Family
People Per Household
New investment enhances Newcastle's infrastructure
Newcastle has three of the features vital for any regional centre’s flourishing development: its own airport; its own university and a large hospital. As far as the future, there is $6.5 billion worth of infrastructure planned or under way and nearly $2 billion in private development projects. The $368 million light rail system is in construction.
Newcastle has a growing aerospace industry. The RAAF Williamtown’s $500 million aerospace centre will add 8,500 jobs to the region. RAAF Williamtown currently has 3,500 staff and is the biggest employer in the Hunter region. There’s a $1.5 billion upgrade to provide a runway extension and state-of-the-art facilities at the RAAF Base which will see more strike jets to be based there in preparation for the Federal Government’s $12 billion expenditure on F-35A joint strike fighters. It's important to mention the Port of Newcastle; it's the largest port on the east coast of Australia and the world's leading coal export port, an economic and trade centre for the region.
RAAF aerospace centre
3D render of the new development in Newcastle, NSW by Iris Group.
Unprecedented wave of residential development
A recent sale of a 1.66 hectare city block to hotel developer Iris Group for $39 million will launch an unprecedented wave of residential development. It will be a mixed space of residential apartments, 4,900 square metres of residential and 2,700 square metres of commercial spaces.
Newcastle is on a booming trajectory
The Domain State of the Market report for September 2017 shows Newcastle’s property prices soared by 13.3 per cent over the year. In fact, Newcastle is on a booming trajectory and the median house price has already performed stronger than Sydney results, up by 8.2 per cent over the year. Newcastle has a median house price of around $595,000 and with the upward shift in prices over the last five years, the region is fast becoming a viable alternative to Sydney.
NSW Government Planning & Environment, RP Data Core Logic, Hunter Research Foundation, Domain State of the Market report for September 2017, The Urban Developer, Residex.