Singleton will join Wickham in welcoming a new large-scale residential development, as the Hunter cements its reputation as an idyllic place to live.
The 57-hectare site on Pioneer Road in Hunterview has been purchased by Sydney-based developer Multipart Property with plans to develop a 400-lot residential subdivision.
The five parcels of land are said to be worth $12.655 million.
It follows the development of Bowline, the group’s 97 luxury high-rise apartments currently under construction in Wickham.
Located at Dangar Street and set for completion in 2024, Bowline will offer views of Newcastle Harbour and nearby marinas, located two kilometres from the CBD and adjacent to the new Newcastle Light Rail Interchange.
“This latest acquisition represents a definite shift towards regional locations,” said director of Multipart Property Matt Zappia.
“The Newcastle and Hunter region has been a strong performer throughout the COVID-19 pandemic and is poised for further growth – bolstered by an influx of people moving to the regions.”
Newcastle apartments reached an average price of $825,000 between 2020 and 2021, up 32.3% on the previous year, according to PRD Nationwide.
Newcastle median house prices are also edging closer to the million-dollar mark, sitting at $912,000 and reflecting growth of 11.8 per cent.
“With flexible hybrid and working from home styles the new norm, we see even greater potential in the Newcastle and Hunter Region,” Mr Zappia says.
“Statistics show many families are relocating from Sydney to Newcastle to enjoy a relaxed lifestyle while still being in proximity to Sydney CBD and metropolitan areas.”
In fact, the shift from city to regional areas within Australia has more than doubled pre-pandemic levels, led by Sydney, according to the Regional Australia Institute (RAI).
And it’s not just the city-slickers heading to the Hunter, according to PRD Nationwide.
“We have seen a new trend emerging with at least 20% of buyers from the country seeking to relocate to Newcastle from areas including Taree, Tamworth and Greta,” says PRD Newcastle real estate agent Bree Atkinson.
“While Sydney buyers are seeking a slower pace, these country buyers are looking for more activity and access to amenities including entertainment, education and medical facilities.”
This also comes just weeks after LJ Hooker Nelson Bay had buyers snapping up one, two and three bedroom apartments at an eight-storey development in Port Stephens weeks before any soil was turned.
“The trend appears to be a return to living in big buildings that are low-maintenance and offer a lifestyle, close to shops and restaurants,” LJ Hooker Nelson Bay real estate agent Graeme Schmarr said.
For more real estate stories like this:
- Granny flats, dual keys and rebuilds on the rise
- Covid hit 2021, so what’s instore for 2022?
- Rental property shortage leaves Hunter market stretched
- 2022 boom softer but not over
Get all the latest Newcastle news, sport, entertainment, lifestyle, competitions and more delivered straight to your inbox with the Newcastle Weekly Daily Newsletter. Sign up here.
