Newcastle’s CBD property market is deservedly attracting buyer attention but the region’s leading real estate agent says inner city suburbs are another hot spot.
“The secret of the fantastic lifestyle opportunities in Newcastle’s inner-city suburbs is being let out of the bag,” Mr Kentwell says.
Some of the city’s leading planning and development consultancy firms agree.
Regional director at City Plan Strategy and Development, Amanda Wetzel, says the inner Newcastle suburbs are unrivalled in what they offer, compared to Sydney.
She says these suburbs are particularly attractive to those who are not sold on CBD living but want all the advantages of the CBD.
“We’re seeing a lot of significant investment in suburbs like Adamstown with people renovating houses and also redeveloping sites,” Ms Wetzel says.
“Infill development is having a cumulative growth effect because it is make inner suburb small businesses more viable,” she says.
Principal of Piper Planning, Adam Piper, says a large proportion of his firm’s work of late has been in Adamstown. Mr Piper says there are a lot of sites in Adamstown that are R3 and R4 zoned and don’t have a modern development on them as yet.
“Suburbs like Adamstown have higher development heights than other Newcastle suburbs too,” he says.
Both agree with Mr Kentwell that it is Adamstown’s proximity to the CBD, beaches and major shopping centres that adds to the suburb’s appeal. It is five kilometres from downtown Newcastle, beaches and even less distance to Westfield Kotara.
Ms Wetzel says the trip from Adamstown to the CBD is a flat, easy bike ride, which is proving particularly popular.
Mr Kenwtell says cycleways are part of well-established transport links and other infrastructure that are already in place in suburbs like Adamstown. Adamstown is the start of the 15km km Fernleigh Track, a shared pedestrian and bicycle pathway linking Newcastle and Lake Macquarie.
“All the infrastructure is in Adamstown already, with great schools, village shopping, cycleways, a railway station and regular bus services,” he says.
He has successfully marketed a number of house sales as well as boutique town house developments in the suburb of late. He says Adamstown is a great long-term investment. According to data from CoreLogic, the median price for two-bedroom units in the suburb has grown by 10.54 per cent in the past 12 months. Gross rental yield is sitting at 4.06 per cent.
“Adamstown is included in the State Government’s urban growth corridor and may benefit from future extensions of the light rail.”
Canberra based builder and developer of high-end residential, commercial and retail projects, Bloc, this month launched a new $46million, 84 apartment development in the centre of Adamstown village. The Foundry will feature industrial-chic one, two and three bedroom apartments plus a gymnasium arranged around an landscaped, internal courtyard.