Media release - 17 July, 2012

Government funding to boost infrastructure in the Port Macquarie region

• Significant Federal Government infrastructure spend to benefit local property market
• Port Macquarie’s population to increase 35% by 2027
• Affordable housing and coastal lifestyle are drawing prospective buyers to Port Macquarie

In May’s Federal budget, the government announced significant infrastructure improvements for the Port Macquarie region, including a $1.5 million expansion of the Port Macquarie Private Hospital, a $19 million plan to upgrade Port Macquarie Airport, and a much needed upgrade of the Pacific Highway.

“The Federal Government has listened to our needs by legislating this important funding for our local hospitals, airport and roads,” says Diane Deland, Principal Raine & Horne Port Macquarie.

The government’s decision to invest in local infrastructure will aid Port Macquarie’s growing population, which is set to jump 35% by 2027[i], according to a 2009 report by the Residential Development Council.

“As the town grows, so will the need for newer facilities, which will in turn attract working families and help stimulate the property market and local economy.

“The region is gearing up for this growth with new housing developments and land releases receiving approval from the local council,” says Ms Deland, who adds that current house prices represent good market value.

For instance, Lewis Land Group’s ‘Sovereign Hills’, a residential estate scheduled for construction, is expected to house around 3500 new homes and apartments. The estate is just nine kilometres west of the CBD.

“Moreover, land sales in ‘Banksia Grove,’ just three kilometres from Port Macquarie’s CBD, start from around $195,000 and range from 555sqm to 739sqm,” notes Ms Deland.

Existing homes also offer excellent value, according to Ms Deland, who says a median sale price of $371,000 can secure a three bedroom home on a 600sqm block, close to the centre of Port Macquarie.

Ms Deland is pleased that some of the infrastructure spend will benefit Port Macquarie’s growing retiree community.

“Approximately 60% of the population in Port Macquarie are retirees, and they migrate here because of the region’s fantastic temperate climate, holiday seaside lifestyle and affordable housing.

“As a consequence, the government has heeded the call for an aged health care upgrade in the region, pouring $1.5 million into the Port Macquarie Private Hospital to expand and refurbish its existing rehabilitation services.”

The government funded upgrade will include extra beds, a gymnasium and a purpose-built hydrotherapy pool.[ii]

“All of these facilities will greatly benefit and support the retiree community,” says Ms Deland.

Furthermore, the $25 million expansion of the Port Macquarie Airport continues to progress, with detailed designs and DA plans completed and approved by council.[iii]

“There has been, for some time now, a need for the Port Macquarie Airport to support more flights to and from the region,” says Ms Deland.

“Once the runway upgrade is finished, the airport will be able to accommodate larger jets from locations such as Melbourne.

“At the moment, our major destination hubs are Brisbane and Sydney.”

As well as supporting the aviation sector, the Federal Government announced funding for roads, with a $60 million upgrade of the Pacific Highway to include enhancement of the Herons Creek to Stills Road link south of Port Macquarie.[iv]

“They have also just upgraded the $158 million Oxley Highway stretching between Port Macquarie CBD and the Pacific Highway,” says Ms Deland.[v]

For more information about the improvements to the Port Macquarie region, or local real estate advice, contact Raine & Horne Port Macquarie on (02) 6583 2699.

-ENDS-

For further media information contact:

Diane Deland, Principal Raine & Horne Port Macquarie on (02) 6583 2699 or 0408 628 997

Andrew Harrington, National Marketing & Communications Co-ord