Cessnock and the Hunter Valley have been included on a list of the top property investment hot spots across Australia.
The areas were also listed in the top 11 “suburbs” in NSW and were included in a list of 50 suburbs and regional centres in Smart Property Investment Magazine’s latest report.
The 2013 Fast 50 investor hot spots were selected based on key attributes including population growth, demand for housing, income levels, employment vacancy rates, capital growth and current gross rental yields.
The report says Cessnock is an “ideal location” for mining families and investors.
“In 2006, population growth was predicted at 0.5 per cent per annum, but this has already grown to 1.95 per cent in 2011, an indication this area is already expanding above expectation,” Fast 50 contributor, Property Investment Professionals of Australia director Margaret Lomas said.
“Mining is the key, and while Cessnock itself is not a mining town, its proximity to the $21 billion Hunter Valley mining activity makes it an ideal choice.”
The Hunter Valley’s mining boom and tourism industries are expected to see property prices surge in the years ahead, according to contributor Louis Christopher.
“The Hunter Valley has seen a pick up in domestic tourism and increased employment due to the supporting coal industry, which doesn’t appear to be slowing down,” he said.
Cessnock real estate agent and councillor Bryce Gibson said he was not surprised that Cessnock was named on the short list.
“It has justified something I’ve known for a fair while…that Cessnock is a stable, great place to invest,” Cr. Gibson said.
“Cessnock offers a variety of industries for employment including mining and hospitality which makes the area an ongoing popular spot for renters which makes property investment all the more attractive.
“The new Hunter Expressway also means that residents will have fantastic access to the wider Hunter region including centres such as Newcastle and Maitland.
“Cessnock residents, whether home owners or renters, can take advantage of easy access to the region’s major centres while not paying the premium that both Newcastle and Maitland demand for property prices and rents.”
Cr. Gibson said he is confident Cessnock can overtake Maitland as the fastest-growing regional centre in NSW.
Other NSW towns and regions in the Fast 50 included Bathurst, Blacktown, Box Hill, Dubbo, Gunnedah, Ingleburn, Macquarie Fields, Newcastle and Penrith.