Newcastle set to shine post-COVID - July 2020

By Rich Harvey, CEO & Founder, propertybuyer.com.au

If there’s one silver lining of this entire coronavirus crisis it’s that many of us have proven flexible work arrangements are both possible and productive.

The quick pivot to working from home over the past few months has kicked off a trend that experts believe is here to stay – people splitting their time between the office, which is less and less relevant in the modern context, and a home setting of their choosing.

With that in mind, there’s a cohort of Sydneysiders fatigued with the pressures of big city living who are looking for alternatives.

One such option is living away from Sydney, but still within commuting distance if needed, in a location that’s a little more relaxed, a little friendlier, has good future prospects and boasts real estate that’s enticingly affordable.

What’s not to love about Newcastle?

As far as regional centers go, Newcastle has a lot going for it.

The city itself is vibrant and bustling, with a cosmopolitan vibe, great shopping and a great food scene. It’s on the water with a stunning beach and fantastic natural amenity.

And the backyard is the Hunter Valley wine region, with an assortment of vineyards, fresh food producers, galleries, idyllic small towns and recreational amenities just down the road.

There are strong employment hubs in terms of the John Hunter Hospital, the Royal Australian Air Force base, mining, professional services and a bustling Newcastle University campus to name a few.

In fact, Newcastle contributes a high percentage of revenue to the New South Wales economy. It tends to have a lower unemployment rate than other regional centers.

Families love Newcastle. It’s a good place to raise kids and there are some great schools and an abundance of parks and natural wide-open spaces.

You can get a significant bang for your buck in Newcastle too, with a median house price of less than $600,000 and some stellar properties on offer.

It’s no wonder there’s been a rise in the number of people from Sydney who are trading the rat race for a better life in Newcastle, which is just 160 kilometres – or about two hours – up the road.

Given the option of a more relaxed lifestyle, a happening but laid back seaside vibe, affordable property, a realistic commute with work flexibility thrown in, and a town with growing prospects, many Sydneysiders might find themselves tempted.

Good long-term prospects

But what’s the outlook for capital gains over the coming years?

You only need to look around to see that investment and gentrification are flowing.

The recently completed light rail line into the centre of the city has sparked a wave of urban renewal and a new sense of cool.

Projected population growth and the city’s diverse economy mean housing is likely to grow in demand over coming years, making it a good long-term investment prospect.

Newcastle’s market also tends to be more resilient in economic downturns and times of uncertainty. Even right now, there was a 0.2 per cent drop in median prices May in Newcastle despite the economic shocks of COVID-19.

In fact, there’s been a mini boom in the rural and acreage market recently through the Hunter Region. There’s strong demand from people who want to transition from highly populated areas to ones with lots of space, a more peaceful lifestyle and exceptional affordability.

The city itself is also thriving, with a number of boutique and high-end apartment developments coming online over the past 18 months. There’s also a good amount of premium properties and family homes.

Competition has been tight over recent times, with the number of active buyers far outstripping real estate listings.

So, what’s the best way to get in on a Newcastle deal when you already located in the center?

Well, it’s simpler than you may think.

Engage an independent, experienced and properly qualified buyers' agent with good local connections and an understanding of the area’s unique growth factors who can source you the perfect potential property and negotiate on your behalf to secure it.

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