The City of Newcastle is hardly recognisable from what it was 20 years ago.
Back in the 20th century, the region was known for its heavy industry and steelmaking for rails. The old Hunter Region was a workhorse of the Australian economy with refineries and foundries focused on the production of coal, steel, lead, aluminium, and zinc.
Today, Newcastle is a shade of its past. Revitalisation at the former site of the Newcastle BHP Steelworks has given rise to new apartment developments. Hunter Valley is now a booming tourism hotspot with its world-class vineyards and entertainment hubs. Ref: CPS Property – https://www.cpsproperty.com.au/why-you-should-invest-in-newcastle/.
While the landscape started to slowly transform into the 1960s, the BHP and its industrial neighbours continued to dominate the city for years afterwards. It seems unfathomable now as the new generation of young Novocastrians has never known the smoke and noise of Newcastle’s old-world. Ref: https://www.newcastleherald.com.au/story/6394123/ghost-of-bhp-still-haunts-the-hunter/.
Change has come not only to the city of Newcastle but to its locals as well, with countless success stories that are thriving under the radar.
Who could forget the infamous Nathan Tinkler? He set up his business at the age of 26 and became a billionaire mining magnate known for splashing money on sports teams, fast cars, and racehorses.
If you were born in the late 2000s and are familiar with YouTube, Facebook and Instagram, then you have probably heard of the Norris Nuts – the Internet celebrity family of former Olympic swimmer Justin Norris.
Another YouTube sensation who built her empire at a young age is Brittney Lee Saunders. She is one of the many talents to emerge from the beaches and suburbs of Newcastle.
Around the world, YouTube has created a new generation of young millionaires. High-profile YouTube “influencers” with thousands, sometimes even millions, of followers have expanded their businesses from the massive advertising revenue that YouTube attracts.
Local Newcastle internet celebrities are also taking advantage of the platform, with their product and brand endorsements – subtle or overt – adding a decent amount of zeroes to their income.
Not everyone can become a YouTube smash hit and acquire enough advertising revenue to be considered spectacularly wealthy. In fact, only a few are generously rewarded for the time and effort they put into their craft. It remains to be seen whether these Internet celebrities can successfully pivot their online prominence into offline success.
A more traditional source of wealth is the concrete brick and mortar – specifically construction and finance of rental property. Real estate has been a key portfolio of many investors for decades, both in Newcastle and in other cities across Australia.
Since BHP Steelworks closed in 1999, there has been a dramatic growth in property prices in Newcastle, although not on the same astronomical levels of Sydney’s real estate market.
For many Australians, a property is not just a place to live. Wealthy families and upward-moving professionals share the same outlook on real estate – an investment opportunity with endless possibilities for creating wealth.
According to Robert Kiyosaki, author of personal finance book Rich Dad Poor Dad, “real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.”
Working professionals can start building their investment portfolio by leveraging mortgaged properties with generous tax benefits. This opportunity can grow their wealth far beyond what they can earn from a 9-5 job.
The Current Newcastle Vibe Reflects the Fantastic Wealth Enjoyed by The Region Today:
- Lots of modern inner-city apartments
- Successful regional hubs in Maitland and the Hunter Valley
- A good amount of industrial, engineering and mining-related businesses
- Booming trades and services
- Internet success stories
Perhaps the most visible indications of the upward swing of the Newcastle region are the multimillion-dollar homes along Newcastle beaches and Lake Macquarie shores, as well as the most sought-after vineyards and vibrant commercial hubs in Charlestown, Kotara and Glendale.
The Newcastle region is home to thousands of millionaires, many of whom prefer to keep a low profile. One of the more well-known success stories is Kip McGrath. He turned his eponymous tutoring centres into a global franchise business.
Another prominent business personality is Hunter Valley Living Legend awardee Greg Walls, who is the founder and managing director of Wine Selectors – the largest independent direct marketer of wine in Australia. Ref: https://www.wineselectors.com.au/.
Meanwhile, in the insurance sector, NIB Holdings CEO Mark Fitzgibbon is said to be earning AUD 3,885,670 every year!
Also from Newcastle is certified pink diamond investor Craig Leonard. The family-owned company Argyle Diamond Investments is now the largest supplier of Argyle certified pink diamonds in Australia. The Argyle Diamond Analytics™ program tracks and analyses the rarity, financial growth, and value of all Argyle certified pink and blue diamonds. One of the most successful businessmen in the region, Craig has an estimated net worth of over $20 million. He is rumoured to own some of the rarest pink and red diamonds ever offered by Argyle Diamond Mine.
Recently retired motorcycling legend Casey Stoner is also based in Newcastle. The two-time MotoGP World Champion is estimated to have accumulated wealth in the high millions throughout his decade-long riding career.
Another name you may recognise is Jennifer Hawkins. The former Miss Universe Australia is now a property developer married to Newcastle builder Jake Wall. The power couple’s multimillion-dollar business empire now includes a swimwear line, range of tanning products, and the Sesión Tequila Bar.
Other business leaders who built their wealth on the Newcastle real estate market are Jeff McCloy and Keith Stronach. McCoy, the former Lord Mayor of Newcastle, recently made a record sale of $4 million for his landmark Belmont property on Lake Macquarie. Stronach, on the other hand, continues the 90-year legacy of his family in creating innovative property solutions for the people of Newcastle and the Hunter region.
With the fast-growing start-up scene for online businesses complementing the traditional brick and mortar wealth resources such as property development, engineering, construction, and mining services, many more success stories are expected to arise from the ashes of the former steelmaking town of Newcastle.