Newcastle development highlights strengthening New South Wales position
Newcastle is set to undergo development in the near future, with this transformation taking another step forward in recent days. New South Wales Minister for Planning Pru Goward said community consultation on the planning controls for the changes have led to a reduction of building height for the developments in the central business district - in order to remain below the top of the parapet of the Christ Church Cathedral nave.
However, there are a number of plans to revitalise the region in the near future, which could offer wonderful opportunities for those interested in purchasing residential property. Being the second most populous metropolitan region in New South Wales after the capital city, the expected boom in people heading towards the state could result in an investment real estate paradise. Ms Goward said the changes were to help preserve the heritage integrity of the region's skyline.
"These planning controls will help shape the city centre to take advantage of the significant investment in new public transport being made by the New South Wales government in partnership with council and the community," said Ms Goward in a July 25 statement.
"Recently released population projections show that Newcastle's population will hit 190,000 by 2031 - a 22 per cent increase. This is creating exciting opportunities for NSW's second city, but we need to ensure those new Novocastrians have a home, a job and an efficient way to get between the two."
The plan intends to create an additional 10,000 jobs and 6,000 houses across the city by 2036, which will all be supported by the growth of a new development of transportation infrastructure. Working closely with both the community and the local council means the direction of the region's growth will be dictated by popular opinion and could be a wonderful place to consider buying a house in the near future.
Along with the preservation of the skyline's heritage integrity, the plan also created an outline for reestablishing Hunter Street as the city's main attraction - including plans to revitalise the mall and East End. Furthermore, promoting job growth through the University of Newcastle is expected to become driving force in the city, as well as the hopes of bringing retail attention back to the city - creating jobs and pushing for an growth in buyer activity.
All this could push Newcastle to continue being a hotspot in New South Wales, highlighting the potential for investment in the long run. Get in contact with a real estate professional to discuss your options today.