This article is from the Australian Property Journal archive
DEVELOPER Multipart Property has added 57 hectares of land to its Hunter region portfolio for a 400-lot subdivision, as country Australians join city slickers in the rush to regional cities.
Acquired from private landowners for a total of $12.655 million, the amalgamated site comprises five individual land parcels on Pioneer Road in Hunterview.
The acquisition follows Multipart’s $140 million Bowline luxury residential apartment development located in Newcastle’s Wickham, featuring 97 apartments and four levels of A-grade offices with 2,300 sqm floor plates.
Bowline is currently 85% sold and the sales have underscored the trend of country buyers relocating to regional cities seeking greater amenity. Newcastle median apartment prices shot up 32.3% in the year to the 2021 September quarter to $825,000, according to PRD Nationwide. House prices are edging closer to the million-dollar bracket, sitting at $912,000 after growth of 11.8%.
“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,” said Bree Atkinson of PRD Nationwide, the marketing agents for Bowline.
“While Sydney buyers are seeking a slower pace, these country buyers are looking for more activity and access to amenity including entertainment, education and medical facilities,”
The Hunterview acquisition will be Multipart’s first house and land project.
“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,” said Multipart director Matt Zappia.
“With flexible hybrid and working from home styles the new norm, we see even greater potential in the Newcastle and Hunter region.”
The quarterly flow of people from capital cities to regional areas during 2020 and 2021 was 15% on average than the previous two years, according the Regional Australia Institute.
