Investors looking for strong growth potential in Newcastle should consider checking out Waratah, a suburb in the north-western outskirts of the city.
Waratah is amongst the top 10 suburbs across the nation with strong median price-growth potential, according to an analysis by SuburbGrowth.com.au. The suburbs included in the list are those that have the best chance of "superior price growth" over the next three years.
Also read: NSW Property Poised For Growth
As of this week, the suburb has already recorded seven property sales in the month, figures from Realestate.com.au show. Based on projections, Waratah's median house price of $494,000 is expected to balloon by as much as 27.4% over the next three years.
"Properties here don't last long here because of the location, which is 10 minutes to everything," Brooke Luliano, an agent from First National, told The Newcastle News.
Luliano said the Newcastle property market, particularly Waratah, was able to take advantage of current market conditions.
"The Newcastle property market has really picked up recently due to interest rate changes, and Waratah is a good little pocket for first home buyers, as well as investors, due to the five- to 10-year growth," she said.
Another reason behind the suburb's growth outlook is the imbalance between demand and supply, said Jeremy Sheppard, director of research at Select Residential Property.
"The thing is, even if prices end up only climbing by half as much as predicted, such is the nature of forecasting, it's still a great return on investment over a short period of time," he told The Newcastle News.
Australia's Climate Council recently hailed the City of Newcastle for becoming the first local government in New South Wales to make the switch to 100% renewable electricity.
The city awarded a 10-year power purchase agreement to energy retailer Flow Power earlier this week, meeting all its operational needs from the Sapphire Wind Farm in the state's New England region.
The Sapphire Wind Farm can generate enough energy to power around 115,000 homes annually.
"Drawing all our energy needs from renewables is a significant achievement for the city and our mission to make our operations more sustainable and cost-effective," said Newcastle Lord Mayor Nuatali Nelmes.
