Development applications are up 25 per cent on two years ago in Newcastle.
Council’s latest statistics show that Merewether, New Lambton and Mayfield are the top three suburbs in the LGA when it comes to renovations.
During the last 12 months $1.85 billion worth of new development has been assessed with more than 1,650 development applications determined in addition to state significant developments.
Homeowners in Merewether, Mayfield and New Lambton are improving their properties with residential alterations and additions, whilst Adamstown ($92.04 million) and Merewether ($61.78 million) lead the way in terms of the highest value DAs approved, including projects like the Merewether Golf Club seniors living redevelopment estimated at $76 million.
City of Newcastle Manager Regulatory, Planning and Assessment Michelle Bisson said Newcastle is growing in popularity as an attractive gateway city to live, work and play, which is driving the development boom.
“Through multiple market cycles, Newcastle is considered a steady growth area to invest in, with ongoing revitalisation transforming the city and making Newcastle a highly desirable location to both homeowners as well as developers and investors,” Michelle Bisson said.
“Migration growth in Newcastle has increased seven per cent year-on-year since the start of the pandemic, with more people relocating from Sydney and Melbourne than ever before, and at a faster rate than almost anywhere else in Australia, driving development across the city.
“With millennials making up the vast majority of those relocating to Newcastle, the demand for residential housing remains strong with prices still cheaper than major Australian capital cities.
“The second half of 2022 is tracking just as strongly with some significant developments in the pipeline.”