Newcastle is a state-of-the-art city but is also more relaxed compared to Sydney or Melbourne. This relaxed lifestyle doesn’t mean it isn’t competitive when it comes to economic performance. It is actually transforming on a number of fronts and is becoming one of New South Wales’ most vital culture, business, and heritage hubs. With the Newcastles’ Smart City Initiative, along with billions in funding from different industries, the city may experience bigger growth in the next few years than initially expected. This means the commercial and residential real estate will experience positive impacts as well.
And with everything slowing down, now is actually the time to look into buying a property in Newcastle, especially if your finances allow it and you have a secure job.
But of course, even with the advantages of the situation you still have to plan your steps to make sure you’re actually making a wise investment. Do your research and take advantage of Matterport tour providers in the property listings to check out all the properties that you’re interested in. You won’t just enjoy the convenience of being able to tour the places virtually which will allow you to make a shortlist of the ones that you find fitting to your requirements. But you will also feel safer since you get to cut back on the sites you actually need to visit in person and the people you have to interact with.
So it may be a good idea to look into properties in Newcastle and consider investing now. Considering these developments in the city expected to happen in the near future, investing in real estate would be a really good idea.
Cruise Ship Tourism
Newcastle’s growth mainly stems from the Port of Newcastle but it doesn’t just rely on that. The city actually has other sources of revenue like cruise ship tourism. In fact, Newcastle is becoming the new gateway to Australia thanks to it’s booming cruise industry.
With the relatively new $13 billion cruise ship terminal at Carrington, it is expected for Newcastle’s existing annual revenue of $11 billion from cruise tourism to increase. This is especially because other cruise ships will probably be diverted in the city from Sydney as it is reaching its capacity. This obviously means good news for the local economy, because the more tourists or travellers into the city, the more consumers there is and the better the economy will be.
Billions Of Dollars Of Investment For The Port Of Newcastle
Speaking of the Port of Newcastle, it’s already the focal point of the city’s growth because of coal. But, it is doing well still and probably is going to do even better given that there is a reported $9 billion investment for expansions. Investors are said to be BHP, Centennial, Felix and Port Waratah Coal Services. This means more money and more business for everyone in the Newcastle region and even for those from other cities or outside Australia who are thinking of investing in this city. With all its port precincts (Carrington, Mayfield, Kooragang, and Walsh Point being able to grow in their export capacity, there’s no doubt businesses, even those just slightly related to this field, are up for growth.
If you decide to do business in Newscastle while living here, Mayfield is also a great area for that. It offers that village feels right on the edge of the city. You’ll never get bored because it’s close to trendy cafes, shops, parks, and is even just 15 minutes away from the beach. It’s also a popular spot for first-home buyers looking to snap up period properties to renovate.
And with the lack of supply in Sydney’s property market, house prices are being driven up. Similarly, its significant population boom has put a strain on infrastructure, leading to significant road traffic. So Newcastle may be a better bet for you. You just have to know where to look and take virtual tours to help you find a property that suits your needs best. 3D tour providers nowadays are really great at creating realistic, immersive and interactive tours which is what you want when touring a property especially if you’re doing it through your phone or computer
Investors, prospective house buyers and those tired of the traffic and hustle and bustle of the city are looking for other options, leading to significant interest in Newcastle property. The ability to purchase 3-4 bedroom properties that are under $800,000 and within 10-15 minutes of the beach and the CBD is an attractive offer compared to the traffic and substantial mortgage or rental payments of Sydney. Newcastle’s laid back lifestyle and lower property costs are driving investment, with many Sydneysider’s opting for change.
Development Of The University Of Newcastle And Williamstown RAAF Base
As the University of Newcastle spends $95 million on its NewSpace campus in an effort to expand its presence in the CBD, it drives the city’s economic activity as well. It creates jobs as well as draws more students to the city which of course leads to more people spending money in the CBD. The university’s Honeysuckles campus is also getting some love with the $25 million construction which again helps with the economic growth of Newcastle.
And then there’s the Williamstown RAAF base where the government plans to spend $12 billion on F-35A joint strike fighter jets. This will more likely create around 8, 500 jobs to upgrade the required runway, hiring maintenance crews, building weapon loading centres and many other significant investments related to it. All of this further boosts the economic activity in the Newcastle area.
Both universities and army bases can act as critical economic drivers for regional towns, as they attract large young populations, and significant knowledge and experience. This can be used to drive engineering, medical and business investment.
Housing And Infrastructure Expansion
Like mentioned, the CBD area Newcastle’s port is experiencing significant infrastructure development. Because of these developments, the originally industrial city background of Newcastle is transforming into a cultural and entertainment hotspot. This isn’t such a bad change since both areas that are being developed will definitely create jobs and drive even more investments in the city.
Examples of these investments include the $9 billion being put into developing Newcastle’s Port to allow for international cruises and larger capacities for exports and imports. Similarly, half a billion is being allocated to establish an entertainment precinct in the CBD. Significant investment into suburban areas outside of the CBD is occurring, such as the development of the Maitland Hospital, and the significant amount of housing being built. This will also mean that these infrastructure expansions across the region will allow the locals and even the tourists to drive anywhere they need to be in just 20-25 minutes. This is great because that kind of accessibility also contribute to that great liveable lifestyle that most people are trying to achieve.
So aside from the record low of 0.25 percent interest rates happening due to the pandemic and the government assistance, especially for first-time property buyers, these developments are great cues that investing in Newcastle is a big YES! Matterport tour providers are now starting to be commissioned in most real estate listings in order to showcase properties well. These virtual tours will help you see multiple houses as if you’re in an actual open house. As a result, looking for property/s to invest in has become easier and faster, and of course safer for the current times.