Strong infrastructure investment in New South Wales’ Port Macquarie is boding well for the local property market, according to Raine & Horne.
The upgrading of the Oxley Highway, which connects Port Macquarie to the Pacific Highway, and the planned expansion of the Port Macquarie Airport are two key projects contributing to the township’s growth, Raine & Horne Port Macquarie principal Diane Deland said.
"The project to transform the Oxley Highway into a dual carriageway commenced in 2009 and is due to be completed by the end of the year," said Ms Deland.
The Oxley Highway functions as the gateway to Port Macquarie, serving tourists, commuters and residents and the upgrade is anticipated improve 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.
"The Port Macquarie Airport was upgraded in 2008 to accommodate growth in passenger numbers, with expanded runways and a new departure lounge.
"But now Council 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.
"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," said Ms Deland.
"The town is growing as more opportunities for employment arise, and 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 in Port Macquarie from $390,000 to $500,000, said Ms Deland, 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.