The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OfficeStaff WriterThu 10 Jul 14

Newcastle New Project Sales Upsurge

N

Recent urban renewal of the Newcastle CBD has seen an increased activity in the project space and an upsurge in sales.

PRDnationwide Newcastle and Lake Macquarie Agency Managing Director Mark Kentwell said that the cementing of plans for the urban renewal of the Newcastle CBD has been driving the delivery of new apartment projects.

“A key factor in this rejuvenation is the University of Newcastle’s plans for a $95 million vertical campus in the CBD which will accommodate 3,500 students and staff,” he said.

“As a result we are seeing improved sentiment in the resale market and the swift absorption of new stock, so consequently, investor activity is up.”

PRDnationwide’s Q1 2014 Newcastle Property Watch report suggests the city’s redevelopment and growth has captured the interest of Sydney buyers, who are looking north for investment opportunities in close proximity to an urban hub.

“With Sydney median prices achieving record highs in 2013 investors have also begun to search for greater perceived value,” the report states.

According to the report, house and unit prices in Newcastle are trending upwards, with median prices increasing 8 per cent and 1.4 per cent respectively in the 12 months to October 2013.
Related Article: GPT And Landcom To Revitalise Newcastle CBD
Analysis of earlier data reveals the median house price in Newcastle has increased 26 per cent since 2009, while the median apartment price has increased around 11 per cent in the same timeframe.

“The market is active, prices are trending upwards, we’re undergoing a major urban renewal and developers are pushing ahead with their projects,” Mr Kentwell said.

The spike in Newcastle's property market has prompted PRDnationwide Newcastle and Lake Macquarie to bolster its project marketing arm with the opening of a CBD display suite.

“The rate of our office’s project sales has doubled in the past 12 months compared to the two years previous," Mr Kentwell said.

“It’s a perfect storm scenario which has cemented our decision to strengthen our project marketing presence.”

Mr Kentwell says the division’s premises, at 113-145 Hunter St, features interactive technology showcasing all current active projects in the CBD and provides details of the area’s urban redevelopment plans.

Mr Kentwell said his agency’s expansion was fuelled by Newcastle’s growth and the large number of projects underway or planned for the region.

 

ResidentialAustraliaSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Sydney developer is pushing ahead with a project it picked up following the collapse of Dyldam in 2020....
LATEST
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/newcastle-new-project-sales-upsurge