How Port Stephens became the place to be

As published on; http://www.therealestateconversation.com.au/

This article was written by Keith Evans, sales manager at Pacific Dunes Residential Estates. 

In a competitive market, where bloated prices have forced many to look beyond Sydney, Port Stephens is emerging as an attractive alternative for Australian homebuyers and investors.

With its pleasant climate, relaxed lifestyle, world-class golf course and beautiful natural environment, the region has long been a favourite among retirees. But recent infrastructure upgrades and economic developments have transformed Port Stephens into an increasingly popular destination for a much wider demographic.

Located in New South Wales, about 200 km north of Sydney, Port Stephens boasts both rural and coastal landscapes and a rapidly growing population base. In stark contrast with Sydney’s prohibitively expensive real estate prices, Port Stephens offers its inhabitants a high standard of living at a reasonable price. But those accessible prices are not sitting still.

The residential market sector in Port Stephens showed significant growth from 2014 to 2015, with residential zoned land values up 7.86 per cent, according to a recent Robertson & Robertson report.

With forecasts for further increases, Medowie is a suburb to watch, given its relatively low base value and its close proximity to major transport routes, Newcastle Airport and the Royal Australian Air Force Base. Residential properties and estates in this vicinity offer particularly good value for money compared to other parts of the region.

Why Are People Choosing Port Stephens?

Whether you are looking for the perfect place to ‘get away’ or ‘call home’, Port Stephens checks all the boxes. The area offers residents a quality environment, affordable housing, key infrastructure and jobs in a growing economy.

Increasing Property Values, But Still Affordable

Though property prices in this part of the country are set to rise, they are still within reach for the average Aussie investor or homebuyer. The region’s increasing land values reflect increased buyer demand and sales activity.

Where is that increased demand coming from? Recent Australian monetary policy has kept interest rates stable in order to boost overall demand within the national economy. The Port Stephens property sector, as with neighbouring Newcastle, has benefitted from this steady, low interest economic environment.

Improved Infrastructure

The March 2014 opening of The Hunter Expressway and the completion of road widening on Nelson Bay Road in 2015, have radically improved travel times between Newcastle, Port Stephens and the Upper Hunter. This, in turn, has boosted demand for properties within these districts. The new Mercure Hotel Convention Centre and the redevelopment of the Newcastle Airport at Williamtown have also provided investment stimulus to the local economy. The region recently benefitted from federal expenditure on television transmission services to upgrade TV reception.

Thriving Local Economy

Over the last 10 years, the area has moved towards becoming a lifestyle location, a robust service centre, and a value-added manufacturing and defence technology hub. Port Stephens feeds into four key industry sectors of the broader regional economy: defence and aviation, manufacturing and logistics, retail and services, and tourism. Port Stephens’ local economy, including the property sector, is largely driven by the regional tourism industry.

Port Stephens is fast becoming a go-to affordable alternative to big city living. The region’s unique combination of lifestyle, location and economic opportunity makes sunny Port Stephens an obvious choice for first homebuyers and investors who have been priced out of the market in nearby Sydney.

This article was written by Keith Evans, sales manager at Pacific Dunes Residential Estates.