The most recent NSW Valuer General’s reports, released towards the end of 2018, indicated an overall 9% increase in Hunter residential land values over the 2017–2018 financial year. Moderate increases were reported in each of our focus areas:
- Newcastle: 6.7%
- Lake Macquarie: 5.8%
- Maitland: 9.09%
We’ll be keeping an eye on these trends as the year progresses. In the meantime, here’s a snapshot of what else is happening in property and developments as we move into 2019.
There’s a lot happening on the tourism development front in Newcastle this year. Eight new hotels are currently planned or under construction, six of which are located around the inner city.
The CBD’s iconic ’roundhouse’ building, currently home to Council administration, is set to become a five-star hotel when Council vacates later this year. The building will house around 100 hotel rooms, a ground-floor cafe and a rooftop bar, restaurant and pool.
Artist’s impression of the repurposed ’roundhouse’ building. Image source: Newcastle Herald
A high-rise hotel plan is also in place for Wharf Road after a proposal for student accommodation was rejected. Meanwhile, Doma’s Little National Hotel development on Honeysuckle Drive will now repurpose its previously planned residential section into 60 luxury serviced apartments.
In other developments: Newcastle’s newest apartments have recently been finalised in GWH’s Centrale building, located in Broadmeadow. Centrale’s 39 apartments were completed and ready for residents to move in in December.
This year’s first big plans for residential development were announced in early January: 105 apartments across three towers, which will accompany a state government landscaping project along the waterfront at Honeysuckle.
Lake Macquarie’s waterfront is currently seeing the benefits of multi-million-dollar improvements. Belmont, Pelican and Warners Bay received upgrades in time for Christmas, including shore stabilisation and a variety of new fixtures.
Toronto residents also enjoyed a $2 million overhaul of main street The Boulevard, completed in December. This improvement comes after $4.1 million in other streetscape works, as part of the Toronto Streetscape Master Plan.
Speaking of Toronto: back in our September 2018 update, we discussed a mixed-use development and $9 million upgrade for the Toronto foreshore. According to the Lake Macquarie Council timeline, 2019 will see an independent consultant appointed to undertake community engagement and develop and finalise design for the project.
As well as seeing the largest residential land value increase of our three focus areas, Maitland’s median house price rose 6.74% over the past year, according to Domain. The median price now sits around $475,000.
These numbers could potentially rise further as the focus on renewal in Maitland’s city centre continues. New businesses and initiatives will be encouraged to flock to Maitland in 2019, with an urban renewal program to be introduced by Renew Australia and Maitland Council.
In partnership with local property owners, ‘Create Maitland’ will offer free or cheap short-term leases to creative businesses and community initiatives. A prospectus was recently mailed to 350 owners and agents of properties in central Maitland, outlining 25 potential initiatives for the program to encourage investor interest.
Interested in chatting further about developments or the local property market? Wondering about branching out with your investments in 2019?
Get in touch with our Investment Services team today for objective information and insight.