The Herald reported that the prices commercial properties in Newcastle are poised to hit $1 billion for the first time. The increase was attributed to the city’s strong resurgence, which has tremendously affected land values. This will be very beneficial to property owners, developers, and investors. Information from the NSW Valuer General revealed that the commercial land prices in the area surged by 14% across the local government area over the last year. Even those gloomy locations in the central business district were rejuvenated because of to the increase in investments in the city. Hunter Street in particular, is the leader of the pack. Some operators have their own reservations about the effects of the government’s light rail project on their businesses. However, the commercial land value for mixed-used properties in the area still boosted by a whopping 25% in just a year, between 2015 and 2016.
There is a strong demand for mixed-used real estate properties because of the thriving residential property sector, according to the report released by the Colliers International Dane Crawford. He said that a lot of people want to live in that area because of the higher land value. For instance, a 20% growth was observed in places like the Park Avenue in Adamstown and Lambton Road in Broadmeadow.
Meanwhile, NSW Valuer General Simon Gilkes mentioned a “strong” improvement in the values of commercial buildings. He also said that the commercial property market became much better because of the new university building in Hunter Street as well as the building and finalization of brand new apartments within the central business areas and fringe locations.
Meanwhile, a new set of trendy suburbs are on the rise in Newcastle. Carrington, Maryville, Islington, and Wickham are leading the pack. The values of their commercial and residential values have greatly improved last year. Colliers International Dane Crawford shared his experience when he sold his apartments. He said the strong response that he received was unparalleled. During the sale, he was able to sell units at prices that ranged between $600,000 to a massive $2.5 million. Apart from the price, Crawford emphasized that they were on the market for only five months but they only have a couple of units left to sell. Finally, he noted that Newcastle is definitely “on the map” in terms of having a robust commercial and residential property market.
Hunter Street’s resurgence is expected to be welcomed by Iris Capital’s Sam Arnaout with a smile. Arnaout invested a massive $40 million by purchasing 1.66 hectares of the Hunter Street Mall in 2016. He plans to use the site for the development of 500 residential apartments. He also wants to set up about 7,600 meters of boutique retail and commercial space at the ground floor of the building that he wishes to develop.
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