The Newcastle metropolitan area is the second most populated area in the Australian state of New South Wales and includes most of the Newcastle and Lake Macquarie local government areas. It is the hub of the Greater Newcastle area which includes most parts of the local government areas of City of Newcastle, City of Lake Macquarie, City of Cessnock, City of Maitland and Port Stephens Council.
162 kilometres NNE of Sydney, at the mouth of the Hunter River, it is the predominant city within the Hunter Region.
The Hunter is the largest regional economy in Australia, ranking above Tasmania, the Northern Territory and the ACT in terms of economic output.
In 2016, the State government released the Hunter Regional Plan 2036 (PDF 5.6MB) – a 20-year blueprint for the future that reflects its location on the fastest growing population corridor in NSW. The 2016 population of the Hunter was 732k, and the government estimates the region will need to accommodate 130k more people living in 70k more homes in the next two decades. The projected 2036 population of 860k, will form the bulk of the 1.1m population projected to be in NSW’s fastest growing region from the northern edge of Sydney to Newcastle, which will also include the Central Coast.
This is Greater Newcastle’s first metropolitan plan. It focuses on developing a centre of excellence for health and education, and achieving a target of 95 per cent of residents living within a 30-minute trip to a strategic centre that has shops, dining, entertainment and services. The strategic centres include:
- a revitalised Newcastle City Centre
- the Maitland Corridor growth area
- the Newcastle – Lake Macquarie Western Corridor growth area
- the emerging corridor centred on Cooranbong, Morisset & Wyee
The economy is increasingly diversified, with strong growth occurring in health care, social assistance, accommodation, food and professional services. Local jobs will be generated from:
- business innovation
- the expansion of advanced manufacturing and the defence & aerospace industries
- a dynamic agricultural sector
- a diversified energy sector, building on Newcastle as the largest coal exporting harbour in the world
The local economy will be supported by the Hunter’s global gateways – the Port of Newcastle and Newcastle Airport – which will enable the region to satisfy the demand from growing Asian economies for products and services associated with education, health, agriculture, resources, and tourism.
A ‘green grid’ will link open space, natural areas and recreation facilities, supplemented by the protection of high environmental value areas and biodiversity corridors. Transport networks, including cycling and walking paths, will be extended for both recreation and commuting, and enhanced inter-regional transport connections will bolster business and industry growth.
An article overviewing the plan (link)
Newcastle Report September 2017 (PDF)
For the three years to 2019, respected economic forecasters BIS Oxford Economics (PDF) project that the economic outlook for the Newcastle region remains positive. The city’s role as a logistics hub has increased in recent years. Together with employment growth from other industries assisted by the lower dollar, this should offset the resource sector-related declines to employment. Plans to revitalise Newcastle are expected to have a positive impact with new infrastructure, such as the relocation of the train terminus and development of the light rail line, to encourage new investment. A widened disparity with Sydney prices should also provide incentive for migration to the region, thus stimulating demand for dwellings a (and underpinning forecast house price growth. BIS Oxford Economics (PDF) forecast for the three years to 2020 is +12% for houses
The Newcastle Story 2018 (PDF)
Residex-OnTheHouse (PDF) have Newcastle as one of the Top 10 national investment areas for 2016.
- Newcastle & Hunter Special Report – The Australian (link) – Several articles covering multiple facets of Newcastle
- Revitalising Newcastle website (link)
- Port of Newcastle website (link)
- Report on Newcastle (PDF).
- Wikipedia article on Newcastle (link)
Here is information on Sydney dwelling prices (link).
Here is information on NSW economic performance provided by CommSec (PDF) .
National & International economic indicators related to property
Review national and international economic indicators related to property