Projects Soar As Newcastle Takes Off

A spike in new development has underlined Newcastle's status as a regional property hotspot.

New data from PRDnationwide Research reveals the city has 25 residential, commercial and government sector projects worth a combined $352 million underway or planned in 2015.

It represents almost a doubling of the value of projects in 2014 and is more than eight times that of the development on the books for Newcastle in 2010.

The current crop of projects includes: the $90 million University of Newcastle New Space campus, $57 million Spire mixed-use development at Marketown, $36 million Icon Central, $13 million Civic Green apartments, and a $50 million mixed-use project on the Royal Newcastle Hospital site.

The data reveals an upward shift in the size and value of projects since 2010 when there were five projects worth a total of $43 million.

Over the same period the median property price in Newcastle has risen from $359,000 to $452,000.

PRDnationwide national research manager Dr Diaswati Mardiasmo said the Newcastle market has experienced sustained growth since 2011.

Dr Mardiasmo said demand for property in Newcastle had risen significantly over the past 12 months.

PRDnationwide Newcastle and Lake Macquarie managing director Mark Kentwell said the upsurge in development activity reflected the steady rise in buyer demand and the subsequent response by developers.

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