Newcastle revamp may attract property investment
Newcastle is set to become the focus of a $120 million revamp - a major project which may attract the interest of property investors.
The New South Wales city, located 160 km north of Sydney, is due to undergo significant development in a bid to revitalise the sea-side centre.
As part of the multimillion-dollar makeover, thousands of new residential properties will be built in the region, along with a new University of Newcastle city campus and a new court complex at Civic.
"The NSW government has committed $120 million to kick start the city's revitalisation with 6,000 new homes and up to 10,000 new jobs expected to be created," state minister for planning and infrastructure Brad Hazzard remarked.
"Newcastle is long overdue for a facelift and as Australia's seventh largest city it needs to be moved into the 21st Century."
The project, which is part of the Newcastle Urban Renewal Strategy, will also include a state-of-the-art transport interchange and a new commercial property hub at Wickham.
The announcement comes after recent figures revealed that NSW's property market is outperforming the rest of the nation in terms of housing approvals.
In the 21 months since April 2011 to January 2013, the average number of monthly housing approvals surged ten per cent in the state, while during the same time frame, national approvals fell two per cent.