10 June, 2011

Port Macquarie thriving as investment drives competition for homes

The popular holiday destination of Port Macquarie, on the NSW mid-north coast, is flourishing as infrastructure investment and employment flows into the town, driving competition for local property.

Headlining the area’s enhanced status as a regional hub are two projects – the upgrading of the Oxley Highway, which connects Port Macquarie to the Pacific Highway, and the planned expansion of the Port Macquarie Airport.

Raine & Horne Port Macquarie principal Diane Deland said the project to transform the Oxley Highway into a dual carriageway commenced in 2009 and was due to be completed by the end of the year.

The Oxley Highway functions as the gateway to Port Macquarie, serving tourists, commuters and residents alike. The upgrade is aimed at improving road safety and accessibility to the coastal community.

But it is the proposed airport upgrade which could have the greatest impact, according to Ms Deland.

“Port Macquarie Airport was upgraded in 2008 to accommodate growth in passenger numbers, with expanded runways and a new departure lounge," Ms Deland said.

“But it is investigating options for a major upgrade of the airport to cater for larger jet services, increasing the ability of airlines such as Virgin and Jetstar to service our town on a larger scale.”

The proposed initiatives include further runway upgrades and the addition of a direct Melbourne to Port Macquarie flight, making it easier for Victorians to visit the seaside town.

“These developments, as well as increasing job prospects with major employers such as Country Energy, and the burgeoning local small business sector are creating competition in the local property market," she said.

“The town is growing as more opportunities for employment arise. As a result, buyers are competing for quality, established properties in Port Macquarie, while homes in newer developments like Oxley Park Estate and the North Shore canals are almost sold out.”

Four bedroom family homes are available from $390,000 to $500,000, while in select locations, a price above $550,000 secures a beach front house or a property with water views.

In further signs of the town’s growth, a new wing is being added to the Port Macquarie Base Hospital to cater for the local district’s growing population, which currently stands at 75,573 according to the Port Macquarie-Hastings Council.

In addition, Council anticipated that Port Macquarie would grow by between 5000 and 7000 families per annum over the next five years, Ms Deland said.

Meanwhile, developments such as the recently completed Glasshouse Entertainment Centre have given Port Macquarie a cultural home to stage art shows, plays and ballets, and the construction of a new ALDI supermarket, a Dan Murphy’s Cellars, and a possible new K-Mart store demonstrate the growing level of investment in the town.

“It’s a good time to be in Port Macquarie,” Ms Deland said.

For all your property needs contact Raine & Horne Port Macquarie on (02) 6583 2699.

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

-ENDS-

For further media information contact:

Diane Deland, principal Raine & Horne Port Macquarie, 02 6583 2699 / 0408 628 997

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448