Third.i Co-Founder, Luke Berry said that while there had been a downturn in the real estate market over the last few months, they hadn’t seen a decline in activity throughout the region.
Australian developer Third.i is playing their part in the charge to revitalise the Newcastle region, with a swarm of buyers snapping up almost $90 million in sales in the last quarter of the financial year.
The group has an array of projects currently transforming Newcastle, with the most recent addition landing in the heart of West End, with the development approved Dairy Farmers Towers development.
The project accrued more than $42.5 million in sales between March and the end of June this year, defying a growing property downturn in Newcastle, while Third.i’s latest collaboration with ThirdAge for retirement living, The Merewether Residences, secured over $47 million in the last quarter.
The developments join a stable of completed projects in Newcastle including Third.i’s three sold-out and completed residential buildings in the West End – Stella on Hannell, Eaton on Union and The West End Apartments.
The latest data from PropTrack’s Home Price Index saw national home prices fall substantially from what it calls the sharpest slowdown in more than 30 years across major cities including Sydney and Melbourne, while in comparison, more affordable lifestyle regions including Newcastle have continued to grow.
Third.i Co-Founder, Luke Berry said that while there had been a downturn in the real estate market over the last few months, due to increasing construction costs and rising interest rates, they hadn’t seen a decline in activity throughout the 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,” Berry said.
“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,” concluded Berry.
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 eight 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 group’s Merewether Residences will also provide 140 one, two and three-bedroom apartments to the area, in a bid to raise the bar in retirement living.
With construction also starting later this year, the $120 million project will be topped by 16 penthouses each with a rooftop spa terrace and expansive views overlooking the golf course.