Sydney may have been the leading property market for many periods but a new player is in town: Newcastle. The region has become the next big thing thanks to the reinvention efforts that the government and the property industyr are making. Considerable investments have been devoted to transport, city foreshore rejuvenation, a revitalised central business district, an upsized university. The NSW Government also just devoted $6.5 billion to transform the region.
“Newcastle is on the cusp of transitioning from a great regional city to an emerging global city and we are doing our bit as a council to attract investment, jobs and opportunity,” News.com.au quoted Lord Mayor Nuatali Nelmes.
Those looking for opportunities in Sydney may well benefit from shifting their focus to Newcastle. Property experts also claimed that buyers are flocking north.
“Construction is booming in Newcastle after the value of approved developments soared 70 per cent last year to take the total green-lighted to more than $3 billion over the past five years,” said Nelmes.
“Another bumper 12 months is expected to follow, with $106 million in building go-aheads in the first month of the financial year and $270 million in applications”.
Newcastle is capitalising on its education and tourist potential. In fact, the town has also started considering cruising.
“By the end of 2018, we’re going to see a new $13 million cruise ship terminal completed at Carrington. As Sydney reaches its capacity for cruise ships, this should significantly increase the existing $11 million that Newcastle gathers annually from cruise tourism,” said Kevin Mason, a senior buyers advocate with Propertybuyer.
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