Over the past couple of years, the old steel town of Newcastle reinvented itself, becoming one of Australia's hottest destinations for an easy getaway or a longer stay. With its proximity to Sydney, world-class wineries and vineyards, and exquisite coastline, this harbour city has experienced stable growth over the past five years with average price growth of 7.6% per annum, even amidst the nation’s property downturn.
Reasons why you should invest in a property in Newcastle
Taking it from Lord Mayor Nuatali Nelmes who says, “Newcastle is on the cusp of transitioning from a great regional city to an emerging global city”, here are the good reasons why you should invest in a property in Newcastle:
There are strong population growth and gentrification in a lot of areas. The growing trend in population is exacerbated by retirees moving into the region, attracted by the coastal lifestyle. Infrastructure is high on the list of the city’s priorities.
Prices here have risen about 40% over the recent years, but compared to Sydney, there is still more demand in Newcastle than supply. Heavily influenced by Sydney’s performance, the Newcastle housing market not only offers affordability but it also sets a higher standard for liveability.
The best Newcastle suburbs to check out
The prices of properties in Newcastle have been on a steady rise. Even suburbs are being gentrified, though a slight increase in price, but can still be affordable. Let’s take a look below for the best suburbs in Newcastle for buying and investing.
Wickham, Newcastle - Wickham is only 3 kilometres away from the Central Business District. It is evolving into a diverse and dynamic mixed-use neighbourhood. There are increased residential densities as well as economic and employment generation seen in this area.
Lambton, Newcastle - Located 8 kilometres from the beach, Lambton property prices have been steadily increasing but still far more affordable than Sydney and other major centres.
Lake Macquarie, Newcastle -This area is very popular to property seekers, because of its proximity to the ocean as well as the Central Business District, which allows people who buy properties there can easily commute to and from work.
Before buying a property, contact a Newcastle Residential Surveyor first
Before buying a property, a complete land survey is valuable for property owners. This is a protection for the owner’s investment, whether it’s a small piece of land or a large subdivision. Surveys are also needed if one is securing a mortgage or a loan for the development. Land surveys from a Newcastle residential surveyor such as Geosurv, are imperative for property buyers to avoid future legal disputes.
To determine the elevations or contour of your property, you need a detail or contour survey. This survey records all features, natural or man-made, such as boundaries, buildings, and vegetation within and next to your land. This survey is done by a Newcastle residential surveyor and is required before you can start on the design of your property.
Along with the contract of sale, you need to secure a building certificate. And to secure a building certificate, an identification survey is needed. A registered Newcastle residential surveyor conducts this type of survey to ensure that the property is clearly defined and has accurately established land boundaries. Apart from an identification survey, it is also important to hire a Newcastle residential surveyor to physically mark the corners of the property through a peg-out survey.
Flood is a natural peril in Australia, and if you plan to build in low-lying land, a flood survey is mandatory. Local authorities will only issue building approvals if the proposed floor level meets certain criteria based on flood level risks. A skilled Newcastle residential surveyor can analyse the topography of your property and assess the level of risks.
With such an exciting future ahead, Newcastle has so much to offer with more affordable options for property buyers. With that said, it is best to hire a Newcastle residential surveyor first before making any purchase to ensure that your property will indeed become a good long-term investment.