Those of us who already live in Newcastle know that it’s a pretty special place. It’s a vibrant city with a strong arts and culture scene, a hip café, bar, food and wine vibe, a picturesque working harbour and some of the best beaches on the coast accessible right from the city. It’s a hop, skip and a jump away from the Hunter Valley and all that the region offers, and an easy two-hour commute to Sydney. As if that’s not enough to tempt investors and sea-changers, there is also an incredible amount of investment taking place in infrastructure that bodes exceptionally well for the future of the city and the people who live, work and study here.
Why infrastructure matters to investors
Infrastructure is the building of essential services and comprises of utilities, transport such as airports, roads and trainlines and social needs such as educational facilities, hospitals and shopping centres. The effect of building infrastructure is generally economic and jobs growth, increased population and greater demand on housing which then leads to higher property values.
Currently, there are several major infrastructure projects scheduled to take place across Newcastle, all of which will improve the liveability of the city and the region, drive jobs, boost the economy and increase property values.
1. Newcastle Airport Upgrade
The Newcastle Airport international passenger terminal has been earmarked for expansion with a $55 million upgrade that will improve global connectivity for the city and the region. It will enable the airport to process long haul aircraft for both tourism passengers and freight – inbound and export. It’s been estimated that the upgrade will generate 850,000 extra visitors, add 4,410 new jobs and $12.7 billion in economic activity for the region over the next two decades. The vision is for Newcastle to become a significant Asian hub in terms of tourism and import/export markets. Visitors will be able to fly direct and locals will no longer have to journey to Sydney before an overseas flight.
2. John Hunter Hospital Building Upgrade
The region’s largest hospital, John Hunter Hospital has also received $780 million for a new Acute Services building that will revolutionise the facilities. It’s a seven-storey building that will increase the Intensive Care Unit capacity by 60% and provide 50% more operating theatres. Critical care services will be included, a new Emergency Department, Maternity Units and Birthing Suites, Neonatal Intensive Care, improved road network around the hospital and increased car park capacity as well as a new rooftop helipad. The NSW government have predicted that there will be a 22% increase in the region’s population over the next 15 years and the upgrades to the hospital will ensure that the community continue to have access to cutting edge medical facilities long into the future. There is also a strong connection between the hospital and medical research and education which continues to attract students, scientists and specialists to the area.
3. Newcastle Inner City Bypass – Rankin Park to Jesmond
The Newcastle Inner City Bypass has been missing a critical link between Rankin Park and Jesmond for many years. Between 40,000 and 60,000 cars travel the road every day and experience 11 sets of traffic lights. Extending the bypass to the west of John Hunter Hospital will reduce travel time by 80% and provide substantial traffic relief. It will link the Pacific Highway at Bennetts Green with the Pacific Highway at Sandgate providing improved access for people to the hospital, to jobs and to roads leading further up the coast.
4. M1 Pacific Motorway Extension to Raymond Terrace
Set to dramatically improve the Sydney to Brisbane route, one of the busiest transport and freight corridors in Australia is having an upgrade. The M1 will be extended to Raymond Terrace removing highly congested merge points, five sets of traffic lights and up to 25,000 vehicles from local roads per day. It should save motorists up to nine minutes travel time and improve connectivity between Maitland and Newcastle.
In addition to these four projects the City of Newcastle are also undertaking an expansion to the Newcastle Art Gallery, a revitalisation of the Newcastle Ocean Baths and a transformation of the Foreshore Park, as well as upgrades in Wallsend and New Lambton shopping precincts.
Late last year the NSW Premier Dominic Perrottet named Newcastle as one of the six cities in the Sydney Mega Region. The region includes Eastern Harbour City, Central River City, Western Parklands City, Central Coast City, Lower Hunter and Greater Newcastle City and the Illawarra-Shoalhaven City. The plan is to deliver economic and lifestyle benefits through big game infrastructure developments benefiting millions of people and improving cost of living pressures and liveability issues.
Like to know more?
Newcastle is looking like a very attractive investment opportunity in the face of all this development. Reach out to one of our expert sales staff if you’re looking to make the move or explore the investment potential.