Newcastle is experiencing a construction boom with a record $1 billion-plus in building approvals and a huge $650 million state government infrastructure budget for a light rail system and CBD upgrade.
The area is definitely giving Sydney a run for its money because, in addition, home prices are about half of those in the more popular city, vacancy rates are high, lots of job openings and beautiful beaches and scenery on offer.
Plenty of Sydney residents have moved to Newcastle who are happy to live in an amazing community with no traffic problems and thy keep coming.
Historically known as a coal and steel town until the closure of BHP’s steelworks at the end of the 1990s, ‘our town’ (really a city now) is experiencing continued change, especially in the past two years.
Many developments are under way or about to start in the city, including the $90 million justice precinct, the train station and transport interchange renewal, the light rail system, the Hunter Street Mall upgrade, new university campuses and residential buildings.
Plus, a V8 Supercar race will be launched, a $13 million cruise terminal facility will be built and the local airport will commence international flights starting in 2018. Australia’s largest smart pole installation for Wi-Fi connectivity, LED lighting, cameras and audio speakers is also underway.
All of these developments are what prompted major developer Sam Arnaout of Iris Capital to launch several projects in Newcastle, including East End, a $750 million estate spanning four city blocks. Over 35% of inquiries came from Sydney when the project’s display suite recently opened.
Sydney is a terrific market, but Newcastle is even more so. Affordability has become a major issue for people who want to have easy access to amenities, beaches and the CBD. With a project like East End, people can have both affordability and amenity as it is located near the harbour, the beach and the CBD and prices are much lower compared to those in Sydney.
Construction on the 1.6-hectare East End project, which will include parks, public areas, shops, cafes, restaurants and entertainment, will commence in early 2018 and scheduled to end in mid-2020. The price of a one-bedroom apartment is from $480,000.
There’s so much to love about Newcastle now and it’s only going to get more and more exciting and better and better as time goes on. Just watch us grow and become an even more awesome place to live!