Newcastle residential statistics are an important aspect when deciding to buy property in the city. NSW is a big state and there are a few of regional towns that are worthy a look at. Generally, when looking into property investing, we look at the towns that have “anchored” economies. That means that they are capable of surviving without being too dependent on one industry. For property investing, we think population growth is important.
Newcastle is one of the cities that is often on the radar of many property investors. It is a prosperous and growing city. At the time of typing of this article, Newcastle had a population of 161,225 people. Newcastle region had a population of 375,931. Median age in Newcastle is 37 years, which shows us that this is a fairly young city. Young cities are usually more interesting to us, property investors, than older demographic cities. Because it we think it indicates potential for growth and expansion.
Newcastle residential growth
Newcastle and Lake Macquarie population has remained fairly stable. There is no significant growth. Overall, population of Newcastle and Lake Macquarie has grown by 13.17% from 2001 to 2018. Here is the table that shows trending of population growth in Newcastle.
What will happen to Newcastle property?
Population of Newcastle has remained stable, which indicates to us the city is not losing population to Sydney. Due to its proximity to Sydney and its employment hubs, we think in long run Newcastle should become more and more attractive to young professionals. Newcastle is also diversifying itself from a coal city to a more service-based economy. The success of this diversification remains questionable. However, proximity of the city to Hunter valley and other tourist destinations like Lake Macquarie might mean that it could become a tourist hub.
Want to learn more? Click here.