Newcastle “on the map for buyers and developers”: PRDnationwide

The rejuvenation of Newcastle CBD, including works on the University of Newcastle’s $95 million campus, has caused a surge in buying activity in the area, according to PRDnationwide Newcastle and Lake Macquarie managing director, Mark Kentwell.

Kentwell noted that investors and first home buyers are among those interested in Newcastle, with activity higher in the past six months than it has been in a few years. This is not the first time Newcastle has been tipped for growth - being referred to as a hotspot in 2011.

“The university, new courthouse and pending relocation of the rail are factors that have put Newcastle on the map for buyers and developers,” he said.

“After years of analysing the city, there is an acceptance now that residential is in demand and commercial will follow suit once there is a larger population in the city.”

The expectation is for more students and staff to live in the city from 2017, with out of town investors and SMSF investors active in off the plan sales.

“There is also heavy investment generally from non-local buyers as Newcastle’s growth potential becomes more apparent,” he said.

“We are witnessing strong buyer interest in any well-located quality project that comes to market.”

“After years of analysing the city, there is an acceptance now that residential is in demand and commercial will follow suit once there is a larger population in the city.”

Developers are also reacting to the growth in confidence.

“There are a lot of sites in the city that have been dormant and neglected over the years - they now have the opportunity to be brought back to life,” he said.

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