Hunter developers air views on markets

HUNTER developers Jeff McCloy and Hilton Grugeon will today unveil their prescriptions for the ailing property and development markets.

Speaking at an Urban Development Institute of Australia forum at Noahs on the Beach in Newcastle from 3.30pm, the two businessman will outline their views on a range of subjects during a two-hour presentation.

Mr McCloy told the Newcastle Herald that the price of land had risen about four times as fast as the general cost of living during the past 30 years.

He said the average loan for a first home had tripled in 15 years, going from $100,000 in 1996 to $300,000 in 2010.

‘‘The cost of land is impacted by a complex range of factors but increasingly it’s the bureaucracy of land development and the barriers that governments put in the way of developers that is responsible for much of the extra cost,’’ Mr McCloy said.

Mr Grugeon said he would speak on development priorities for the region and on Newcastle’s need to reclaim its strategic position as capital of the Hunter.

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