Why Newcastle is the Next Big Thing

CREDIT: DESTINATION NSW

WORDS QUENTIN VON ESSEN

Newcastle is a city on the move, a city that’s changing in all that it offers. What was once considered an important industrial centre for the region is now rapidly transforming into one of the most vital culture, business and heritage hubs in New South Wales.

With stunning city beaches, wineries on the doorstep, its own university, a major port and airport and a relaxed urban vibe, Newcastle offers an enviable lifestyle, and Australians are increasingly leaving the capital cities for a piece of it – assisted mainly by the COVID driven work from home trend inspired by lockdowns across the country.

Changes to the rail corridor, the light rail and the increased investment and development along the harbour and inner-city, both in terms of residential and business dwellings and recreational spaces, make Newcastle a highly sought-after city in which to live and work and attractive for investors.

Add to this a planned $66 million upgrade to the Newcastle Airport runway, which is expected to generate thousands of local jobs and create new travel and export destinations for the region; the development of a $200 million Science, Technology, Engineering, Maths and Medicine (STEMM) hub for industryengaged research and innovation at UON’s Callaghan campus; an expanded university campus at Honeysuckle; an upgraded John Hunter Hospital and the proposed development of Hunter Park as a nationally significant sporting and entertainment destination.

Yes, the future of this region is exciting. And while buyers’ hopes of buying into an out of control and inflated Sydney property market are heading even further south, savvy buyers and investors are heading north.

With house prices in Sydney increasing by 30.4 per cent in the last 12 months to a median price of $1,499,126 compared to $818,000 in Newcastle (despite rising 31.3 per cent in the last year), it’s clear to see why there is so much interest in the Newcastle property market.

So, while Sydney has been confirming its spot as one of the most expensive cities in the world, just a little further up the road, Newcastle, with its natural beauty, booming infrastructure, stable population growth and still relatively affordable housing, continues to tick all the boxes for lifestyle options and property investment to become the next big thing.