Newcastle has enjoyed a record year for construction with the total value of building approvals topping $1.2 billion in 2017-18, the council said on Friday.
Newcastle council approved $1.02 billion in development applications in the 12 months to July.
Another $94.8 million in complying development certificates was issued by the council and private certifiers.
Projects worth another $98 million, including two mixed-use Honeysuckle developments, were approved by the state government to see the yearly total top $1.2 billion. It was up from $1.08 billion the previous year.
"The results for the 2017/18 financial year are a fantastic outcome with Newcastle continuing to attract strong development and investment activity," Newcastle lord mayor Nuatali Nelmes said. "Our enduring building boom is clear to see on the central business district's skyline as clouds gather elsewhere around the country, while other indicators and new efficiencies we are is introducing point towards a sustained period of growth.”
The Herald reported on Friday that a syndicate of local developers was working on plans for twin 22-storey residential towers on the site of the Proski store, Newcastle Leagues Club, Musos Corner and an ANZ bank branch.
The proposed $80 million development would deliver about 200 apartments.
The city’s building boom was also reflected in the the latest Rider, Levett, Bucknall Crane Index, which showed the number of cranes operating in Newcastle increased from 11 to 12 in the third quarter of 2018.
Cr Nelmes said other projects in the local pipeline, such as the Store's transformation into mixed-use towers, promised to keep the annual total buoyant despite a national downturn in the residential market.
Earlier this week, the Herald reported that Newcastle house prices had fallen 2.2 per cent in the September quarter as a year-long correction in the national property market started to hit home.
Newcastle house values have jumped about 50 per cent in five years and remained relatively stable in the first half of this year despite a year-long slide in Sydney and Melbourne.
But CoreLogic figures showed median prices for stand-alone houses fell 2.2 per cent in the three months to September 30 while unit prices dropped 0.2 per cent.
House prices have fallen 1.6 per cent in 2018 after a 16.2 per cent rise in the 12 months to September 2017.