Third.I’s investment into Newcastle has bore fruit for the developer despite nationwide property downturn, with nearly $90 million in sales acquired in the last quarter of the financial year.
This follows on from the recent DA approval for Dairy Farmers Towers in Newcastle’s West End. The project accrued more than $42.5 million in sales in the last quarter, with retirement living development The Merewether Residences garnering over $47 million. Third.I already have three projects completed in the city, with Stella on Hannell, Eaton on Union and The West End Apartments all sold out.
Major cities across the country are seeing house prices fall, while regions like Newcastle have continued to grow.
“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,” says Third.i Co-Founder Luke 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.
“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.
“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.”
Third.i has established a growing legacy in Newcastle’s West End precinct, offering high quality residential projects with state-of-the-art SDA apartments and commercial and retail spaces to accommodate a growing demand for relaxed living.
The recently green-lit Dairy Farmers Towers, which launched to market earlier this year, is set to comprise 184 one, two and three-bedroom apartments over two towers and will deliver 8 SDA apartments. With construction slated to commence in late September 2022, the project will also bring to life a five-storey residents’-only shared work hub with over 1600 sqm of commercial and retail space.
The Merewether Residences will also provide 140 luxury one, two and three bedroom apartments for Newcastle seniors. The $120 million project will be topped by 16 stunning penthouses each with a rooftop spa terrace and expansive views overlooking the golf course.
Third.I is looking to strengthen partnership with iNSiTU Housing, in a bid to create one of the largest SDA Housing networks on Australia’s east coast. All Newcastle projects by the developer feature SDA offerings, with more slated for projects in Port Macquarie and Coffs Harbour.