A massive surge of government investment has seen city workers turn to this harbour city.
An unprecedented $6.55 billion state government investment mandate has recently resulted in Newcastle undergoing a host of infrastructure changes, including a new light rail system and university campus.
The combination of this new development and the booming Sydney prices making the possibility of commuting from Newcastle a viable option, has seen investors turning to Australia’s seventh largest city.
Price growth in the area has outstripped Sydney, annual growth is currently sitting at 11.5 per cent to Sydney’s 10.2 per cent.
“Newcastle represents tremendous value in comparison to Sydney and it’s hard to argue the excellent lifestyle that comes with it,” said Dane Crawford, Colliers International’s director residential project marketing.
“Newcastle is a city coming of age. Newcastle offers a variety of accommodation options for both investment and permanent stays. Newcastle’s identity transformation draws significantly upon the emergence of more cosmopolitan landscapes within inner Newcastle associated with the gentrification of these areas. Vibrant environments that support security, safety, identity, historic continuity and cultural diversity, and allows for the efficient and timely provision of necessary infrastructure” said Mr Crawford.
According to The City of Newcastle, the population growth from 2016 to 2036 is expected to be around 33.4 per cent; putting the city at 207,450 residents and an annual growth rate of 0.62 per cent.
“The momentum continues to build as the inner city has seen dramatic change over the 12 months, investor and business owner confidence is reassured… the wait is over, we anticipate no longer, the change is here. Plans for future connectivity to the harbour when the rail corridor is opened up with the proposed light rail taking its place” said Mr Crawford.
Research commissioned by the Newcastle Renewal Taskforce indicates the light rail and urban renewal will surge a $2.5 billion boost to the local economy.