Bay land tipped as property hot spot

THE sleepy suburbs of Fern Bay and Fullerton Cove are tipped to become property hot spots in 2009, the area's real estate specialists say.

Residential development and industrial activity is expected to drive property sales.

Fern Bay-Fullerton Cove sits on Port Stephens' border with Newcastle.

Port Stephens Council figures show that the area's population of more than 1700 is expected to almost double to more than 3100 by 2011 and reach about 5500 in 2021.

Property developers are keen to cater to the growth and to capitalise on the semi-rural location close to Newcastle's central business district, the airport and Stockton Beach.

Keith Wagner, of Raine and Horne Stockton, said the area was a potential 2009 real estate hot spot because of increased property development and economic growth generated through manufacturing at nearby Kooragang Island.

Greenleaf Retirement Resorts Fullerton Cove sales consultant Kate Carson agrees.

The first residents are moving in to one of 22 new homes in the $80 million over-55s development, which is to become a 235-dwelling estate.

Mrs Carson said the location was a drawcard.

"It's still close to the city and services . . . but you feel like you could be a million miles away," she said.

Fern Bay-Fullerton Cove was likely to become a hot spot because space for new development around Newcastle was limited, Mrs Carson said.

Aspen Living has developed 155 of the 850 lots in Fern Bay Seaside Village, of which 23 remain for sale. Another 33 lots have development approval.

Project manager Peter Fagan said after a slow 2008, sales were expected to pick up in 2009.

"The last couple of months, we've seen a distinct improvement and we go into the new year pretty confident," he said.

Press Release - The Herald - Newcastle - 31/12/2008