Sky’s the limit for Newcastle commercial property
Posted on 12/17/18 5:03 PM
UNDER CONSTRUCTION: Commercial land values in inner-city Newcastle jumped 50 per cent last financial year, sparked by the city’s apartment-building boom. NEWCASTLE’S inner-city commercial property may be blisteringly hot, but Morisset and Charlestownwere also standout performers delivering double-digit growth last financial year.
After decades of Newcastle CBD being a ghost town, commercial land values jumped 50.7 per cent in 12 months, the latest round of valuations has revealed. While the Hunter’s total commercial land value peaked at $4.9 billion last financial year, up 10.5 per cent, it was Newcastle’s inner-city, where the most startling growth occurred.
Preston Rowe PatersonNewcastle andCentral Coast director Colin Pugsleysaiddemand for residential development sites in the CBD was the driving force behind commercial land value spikes.
“The high level of construction activity in inner-city Newcastle has also fuelled investor confidence and demand in popular established suburban commercial precincts further out from the city centre such as Lambton, New Lambton, Waratah and Adamstown,” Mr Pugsley said.
Lake Macquarie wasalsoa solid performer, with commercial land values in Morisset Business Park jumping 47.6 per cent last financial year,off the back ofgrowth in nearby residential areas. A commercial block in Alliance Ave, Morisset, increased from$319,000to $494,000 last financial year, an increase of54 per cent. There was also strong growthincommercial property in Charlestown.
Real Estate InstituteNewcastleHunter divisional chairmanWayne Stewart said commercial and residential propertyaroundGlendale and Boolaroo was the place to watch.
The NSW Valuer General figures can contribute to the annual calculation of land taxes and council rates.