Real estate in NSW is likely to experience a boost due to economic growth in the Hunter region.
This is according to a new report by Deloitte Australia, which highlighted significant opportunities in agriculture, mining and business development in the Hunter.
The research predicted population growth will be consistent over the next 20 years, as more opportunities in the digital economy help people move away from real estate in Sydney to more outlying areas.
New residential real estate in the Hunter was highlighted as an important focus, along with improved infrastructure and transport systems.
"There will need to be an increase in the provision of housing to cater for the workers moving to the region," Deloitte stated.
The report also indicated there will be a need to ensure suitable land for sale in high-growth areas.
"Already house prices have increased substantially in the region and careful planning will be needed to ensure that adequate land is released to keep pace with the rising demand," the organisation explained.
Several factors were said to be affecting the region's prosperity in the future, including rising incomes in Asia, which will drive more tourism and demand for Australian services.
This was forecast to have a beneficial impact on the Hunter region's export opportunities and hospitality sector, largely because of its proximity to Sydney.
The report noted that this growth will require between 8,500 and 9,200 additional dwellings in the next 25 years to cope with the increased population.
Current methods to enhance the number of homes for sale in the Hunter were set forward in the Lower Hunter Regional Strategy in 2006, which was reinforced by the NSW government in 2010.
The aim is to release up to 69,000 new greenfield lots by 2031, with 115,000 residences constructed to cater for smaller households and a rise in demand.
Around 60 per cent of all new properties will be from land releases, while 40 per cent will be built in existing urban areas.
In the upper Hunter region, mining expansion is expected to provide higher incomes for a younger workforce.
"This will raise the demand for essential goods and services in the region such as health and accommodation and housing," the report added.
However, Deloitte predicted the average age of the population in the Hunter will rise overall, which the analyst firm claimed would create its own property sector challenges.
