I’ve lost count of the number of new business enquiries I have had from people from outside of Newcastle looking to capitalise on the benefits our region has to offer. Some are looking to relocate and some are looking to invest. Some are looking to invest then relocate when they find suitable work others to downsize or be close to family.
The main reasons for the increased interest in the Newcastle Real Estate market as of May 2017:
International Flights from Newcastle Airport
This isn’t unexpected, it has just taken some time to get to this point. Two years ago the airport had a $14.5 million upgrade and another $1.9 million investment is all it needs to begin to allow passengers to arrive and depart from short flight locations such as NZ, Fiji & Bali.
Media Highlighting Strong Growth Forecasts
Numerous media reports are highlighting the benefits of purchasing in the Newcastle Region versus the Sydney market. Primarily this is because of the comparative affordability compared to Sydney. The city is going through a lot of changes that have been overdue and triggered largely by the change of government in 2011.
Renewed Commercial Investment
Holiday Inn is one major player that has acquired a site and has started construction in the Newcastle West precinct. This joins another development across the road which is largely commercial and just next door to the redevelopment of the old museum site into Quest Apartments.
Multi – Residential Investment
The residential apartment market has been performing quite well. The smaller complexes of 20-40 apartments have been selling out before construction. According to the sales agents I have spoken with, 75% of buyers are local and can be split equally between investors and home buyers. The ratio of investors vs home buyers mix will be determined by the price point and inclusions. Larger sites have struggled a little where they have been targeted toward to investors. Townhouses have performed really well in the inner suburbs, with projects in Mayfield, Mayfield East and Merewether selling strongly, again to a mix of investors and home owners.
If you would like further information on buying in Newcastle, send me an email at email@example.com