- Multipart acquires 57ha in Singleton, with plans to create 400-lot residential subdivision
- Developer hopes to tap into regional boom, fueled by city exodus and now seeing interest from rural buyers
- 20% of Bowline buyers are from rural areas, seeking richer amenities says sales agent Bree Atkinson
Residential developer Multipart Property has acquired a site in the Newcastle-Hunter region with plans for a 400-lot subdivision.
The developer has snapped up a 57 hectare site in Singleton, a rural town that lies on the bank of the Hunter River approximately 70 km from the state’s second most populated city, Newcastle.
Multipart hopes to take advantage of the recent regional residential boom, amalgamating five individual land parcels on Pioneer road in Hunterview.
The five land holdings were all purchased from private land-owners, costing the developer a combined $12.655 million.
Regions receiving investment to support regional shift
Multipart’s acquisition of the Singleton site marks the developers latest residential venture, following Wickham’s Bowline luxury residential development which was approved in 2019.
The 97-apartment development combines luxury living and commercial space, with four levels of A-graded office accommodation included.
Bowline’s sales data pointed to an intriguing trend emerging as country buyers relocated to regional cities, joining the regional boom previously fueled by a city exodus.
Matt Zappia, Director of Multipart Property said the company’s acquisition represented a definite shift towards regional locations, also marking the first house and land project.
“The Newcastle and Hunter Region has been a strong performer throughout the COVID-19 pandemic and is poised for further growth – bolstered by an influx of people moving to the regions.”
Matt Zappia, Multipart Property Director
As a result of the regional shift, Newcastle median prices grew by an impressive 11.8% and 32.3% in the Q3 2020 – Q3 2021 period, for houses and units respectively according to PRD Nationwide.
As 2021 drew to a close, the median price for houses and units in Newcastle had risen to $912,000 and $825,000 respectively,
“With flexible hybrid and working from home styles the new norm, we see even
greater potential in the Newcastle and Hunter Region,” Mr Zappia explained.
“Statistics show many families relocating from Sydney to Newcastle to enjoy a relaxed lifestyle while still being in proximity to Sydney CBD and metropolitan areas.”
Rural buyers seeking richer amenities
Migration by city dwellers to regional areas during 2020 and 2021 has averaged at around 15% higher than the previous two year, according to data from the Regional Australia Institute.
According to the Regional Movers Index, regional migration levels across Australia are more than double pre-pandemic levels, and Sydney is leading the charge.
Already easing the pressure of heightened migration on regional areas of NSW, Multipart’s Bowline development has sold 85% of its residences. The most expensive residence sold so far is a three-bedroom apartment, which fetched up to $1.6 million.
Sales agents from PRD Nationwide overseeing the Bowline development said while interest from local down-sizers and investors was expected, strong interest from rural buyers came as a surprise.
“We have seen a new trend emerging with at least 20 per cent of buyers from the country seeking to relocate to Newcastle from areas including Taree, Tamworth and Greta.”
Bree Atkinson, PRD Nationwide sales agent
Unlike former city dwellers chasing a more relaxed lifestyle, rural buyers are on the hunt for greater amenities without comprising on the tranquil atmosphere.
“While Sydney buyers are seeking a slower pace, these country
buyers are looking for more activity and access to amenity including
entertainment, education and medical facilities,” said Ms Atkinson.