Infrastructure helps drive residential property prices in Newcastle
The Property Council of Australia (PCA) has found that - while some areas of New South Wales have experienced slow growth - experts in the Newcastle and Hunter regions have remained positive, with the areas set to receive new infrastructure investment spending.
In NSW, the 2,800 real estate professionals covered by the PCA's joint survey with ANZ bank on industry sentiment found that the state experienced a reduction of two points in the confidence index.
However, the respondents still managed to reach a score of 105 - showing that short-term residential real estate market expectations remain positive.
Newcastle in particular enjoyed some solid support from property professionals - with 31 per cent showing that they believed the area was in for improved conditions over the next three months.
According to the PCA's Hunter region director Andrew Fletcher, the positive attitude stems from the local resource projects underway in and around the local area and the prospect of new infrastructure developments.
Fletcher asserted: "The Hunter Expressway is steaming ahead and will connect communities in new ways, the Huntlee development is back on track, the CBD rail line is firmly on the government's agenda and the path is now clear for private investment in Newcastle Airport."