Property Council Hunter and Central Coast Regional Director Amy De Lore said that, without investment, Newcastle could miss out on one of Australia's largest urban renewal opportunities.
"The Broadmeadow Precinct has the potential to deliver 20,000 new homes and 15,000 jobs, but funding certainty is needed to get the project off the ground," Ms De Lore said.
"This is one of the biggest city-shaping projects in regional NSW, but without a clear delivery plan and upfront investment, we risk losing momentum.
"It is nearly 10 months since the draft master plan was announced with great fanfare and put on exhibition. The vision is clear - now we need the final strategy and rezoning plan to be finalised and the NSW Government to step up with the funding needed to get work underway."
The Broadmeadow Place Strategy was developed by City of Newcastle and the NSW Government. City of Newcastle councillors will consider the amended strategy for endorsement at their Ordinary Council meeting on 25 March. The State-led rezoning plan sits with the State Government for finalisation and approval.
The Property Council is calling for the 2025-26 Budget to support a dedicated delivery agency, a business case for the precinct, and provide resources for land preparation, enabling infrastructure, and early-stage development.
"We need a single agency responsible for overseeing the transformation of Broadmeadow, just as we've seen in other successful precinct projects, such as Bradfield," Ms De Lore said.
"Broadmeadow's transformation won't happen overnight, but securing funding now will help to make sure that the first homes are delivered within the next five years.
"Newcastle is leading the way in regional development, but without government backing for Broadmeadow, we risk missing out on an opportunity that will deliver thousands of homes, jobs, and economic benefits for decades to come," she said.
Ms De Lore said that with Broadmeadow set to become a major hub for housing, employment, and entertainment, funding for transport connections, utilities, and public spaces will be critical to attracting private sector investment and ensuring the area develops in line with the master plan.
"By committing funding now, the NSW Government can provide the certainty needed to turn this vision into reality and unlock the potential of Broadmeadow," she said.
The Property Council's Hunter Outlook later today will bring together a panel of experts for a detailed exploration of the region's economic, investment and development landscape.
