Newcastle region defies downturn

PROPERTY developer Third.i has pulled in nearly $90 million in sales across the Newcastle region in the last three months, as lifestyle cities outside the capitals continue to attract buyers.

Third.i’s recent range of developments in the coastal city include its freshly approved Dairy Farmers Towers, in the West End and its retirement living offering, The Merewether Residences.

“Newcastle is definitely defying this downturn as we’ve recorded almost $90 million in sales in just three months alone from March to June across our latest residential and retirement living projects. Demand is still high from eager buyers from the larger cities seeking out the more relaxed and affordable lifestyle Newcastle has to offer,” said Luke Berry, co-founder of Third.i.

These are the latest two developments in Third.i’s Newcastle portfolio, joining the three completed West End projects, Stella on Hannell, Eaton on Union and The West End Apartments.

“Third.i is in the midst of delivering a much-needed transformation of Newcastle’s West End precinct into a vibrant, bustling centre complete with residential living, commercial hubs and special disability accommodation for NDIS participants,” added Berry.

“Whilst there’s been a downturn in the real estate market over the last few months due to increasing construction costs and rising interest rates, we haven’t seen a decline in activity throughout the Newcastle region.”

Between March to 30 June 2022, Dairy Farmers Towers saw more than $42.5 million in sales, with The Merewether Residences bringing in more than $47 million over the same period.

According to PropTrack’s Home Price Index, while major cities such as Sydney and Melbourne are witnessing their “sharpest downtown in more than 30 years”, more affordable regional locations, especially those with lifestyle benefits, are still on the up.

“Newcastle really is an underrated gem as it has everything you could ever want in a city without the continuous hustle lifestyle in major cities like Sydney. From bars and dining to restaurants and other lifestyle amenities including the large shopping centres to cater for everyone’s needs, the region is the perfect escape for those who still want a city life paired with peace and a more relaxed lifestyle,” concluded Berry.

Third.i is now eyeing off the Port Macquarie and Coffs Harbour regions to the north, and further up to Tweed Heads at the NSW border, for its U-Homes offering.

While in May,  Third.i and Toohey Miller’s Warada on Walker development was given the go ahead by the North Sydney Council, before appointing Roberts Co to construct the $650 million project in July.

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