Jacki Osmond - Morgan + English
Morgan + English Commercial Lawyers
The Upper Hunter region of NSW has enjoyed good economic growth over the past year largely due to both the mining and thoroughbred industries and supported through lucerne production sheep and cattle industry. The region is recognised as a major supplier of coal, energy, wine and thoroughbred horses to both national and global markets1. These industries have driven further investment in the region.
The local communities host and support numerous annual festival and cultural events that are well attended by the local community and more importantly from further afield and contribute to the regions bourgeoning tourist industry.
The Upper Hunter, being within an easy drive to Sydney and Newcastle, has experienced growth of 10%2 in the median average for residential housing in the 12 months to September 2018. Significantly, outperforming the great majority of regional areas while metropolitan Sydney has had a 5.3% decrease in the 12 months to November 20183.
The rural property sector has not experienced a high turnover in property conveyances however properties that have sold and have had access to water and substantial water infrastructure improvements have sold this year for as much as $32,506 p/ha.
For 2019 we expect to see continued growth in the Upper Hunter regional economy. Infrastructure investment, such as the Scone bypass and upgrades to the New England Highway, will further improve access from Newcastle and Sydney. Planned upgrades to Newcastle Airport will permit more people to travel to and from the region including international passengers from the Asia Pacific.
Improved access and housing affordability will encourage continued growth in the housing market. Local businesses will be able to take advantage of a broader market which will further encourage local jobs and investment.