February 21, 2022
The Benefits of Developing Property in Newcastle
The Benefits of Developing Property in Newcastle
Located 160 kilometres North of Sydney at the mouth of the Hunter River, the city of Newcastle spans a total land area of 261.8 square kilometres and as the second oldest city in Australia and the seventh largest, Newcastle is a city on the rise. With a population of over half a million, Newcastle has become one of the fastest-growing cities across Australia with residential property developers in Newcastle and commercial property developers in Newcastle, with an annual growth rate of 2.1%. The commercial property market in Newcastle is booming, and there are plenty of opportunities for residential property developers as well.
At HYG we have been involved in a recent major commercial development in the city of Newcastle, at 727 hunter Street and we will explore this project while looking at some of the other reasons why Newcastle has become an increasingly popular city in recent times and the opportunities for both residential and commercial property developments.
Reasons For Growth in Newcastle
There are a number of reasons why Newcastle has seen consistent and constant growth over the last decade and why the city has become a more prestigious place for both residential living and the relocation of commercial spaces and why the city has become increasingly popular for residential property developments and commercial property developments.
A Smart City
Newcastle has committed itself to a smart and sustainable future with the city and many of the businesses in the area investing in green technology and infrastructure to help create a sustainable global city by 2030. The 727 project by HYG has been designed to achieve a 4.5 NABERS star rating and as such contributing to the future sustainable vision of the city with both residential and commercial property developments becoming more environmentally friendly.
As a growing city and with an ever expanding commercial base, Newcastle has seen an increase in demand for a number of professions in the area and with this comes the opportunity to form a greater negotiating power when it comes to salary. With the area being home to a number of national businesses including; Downer Engineering, Ausgrid, Arrium, and Glencore as well as global giants including Toshiba and GHD.
Not only is Newcastle itself located on the coast, there are a number of coastal areas and attractions in very close proximity to the city which are perfect for a day trip or an overnight stay. With Stockton Beach being located a very short trip away and both Port Stephens and Nelson Bay also a short trip away, Newcastle residents can have toe in sand in some of the nicest beaches in the country within a half hour drive from the city.
Being a smaller city than most of the capital cities in the country and being with a density less than that of major cities, peak hour traffic is much more bearable and no longer something to be feared. Parking in the city centre is also much more convenient and attractive than other major centres with parking often being able to be found with a daily rate of just $10. With a number of residential and commercial property developments in the Newcastle CBD including traffic and pedestrian initiatives even with an increase in populations and workforce, traffic will unlikely become as frustrating as other major cities.
Newcastle is one of the few cities in Australia outside of any capital cities which has a world leading university, ranking within the top 200 universities in the world and top 8 within Australia. Having a world leading educational facility in close proximity to the city provides a number of learning opportunities whether this is undertaken as a second degree such as a master of business administration or all the educational pathways that exist starting as early as high school. Having this world leading educational facility close by is a driving factor in creating demand for business and thus increasing the amount of commercial property developments in Newcastle and subsequently increasing the number of residential property developments.
Cost of Living
Rent prices in Newcastle are significantly lower than those in Sydney with these being as much as 30 percent lower than the Sydney price. When it comes to renting an apartment this price is as much as 47 percent lower than what they are in Sydney. With this being the case this is both beneficial for those looking to relocate to the area, this then has the potential to have flow on effects for the residential property market and as such an increase in residential property development.
727 Project by HYG
HYG have been part of creating and helping transform the city of Newcastle’s commercial skyline in recent times with the highly innovative and ambitious $107 million project at 727 Hunter Street. The soon to be new a-grade commercial building officially began taking shape on February 19, 2021 The ground-breaking ceremony was celebrated and attended by multiple local stakeholders including Newcastle Lord Mayor Nuatali Nelmes.
Located only 260 metres from Newcastle interchange and with an estimated scheduled completion date of May 2023, the state of the art 15 storey, centrally located building will breathe fresh life into the commercial precinct on Hunter Street. Developed with sustainability at the forefront of mind the building has been designed to achieve a 4.5 star NABERS rating, with the ability to still feature an adjoined retail space, a carpark for over 200 cars, bike storage and locker rooms and changing rooms.
With the increase in the population of Newcastle over recent years, and the increase in national and international businesses moving into the area to take advantage of this increased population, talent and overall livability of the city, Newcastle has become increasingly popular for residential and commercial property developments. For information regarding residential or commercial property developments in Newcastle in which HYG have been involved in, please contact us today.