As construction began on Honeysuckle's latest development, Colliers International head of residential Chris Chapman predicted its remaining five harbourfront apartments would be "sold before Christmas".
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A sod-turning ceremony on Friday signalled the milestone moment for Doma Group's Huntington at 35 Honeysuckle Drive.
And while the project had not experienced the unprecedented five-day sell-out of neighbouring Lume, which is also a Doma project and is well into its construction phase, Mr Chapman said buyer interest had picked up since August.
"In the past three months, sales rates are back to levels of 2018, which is really important for Newcastle," Mr Chapman said. "In previous property cycles we've stayed flatter for longer. This time what I've noticed is we've had a quieter 12 months then it seems to be business as usual again."
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He said 10 harbourfront apartments were secured off the plan in the past eight weeks leaving five still to be sold.
In total, there are 17 of 88 apartments remaining in the development, which will feature ground-floor commercial and a rooftop terrace.
Mr Chapman observed the number of out-of-town buyers were increasing on the city's apartment projects.
"People are looking at Newcastle for a range of reasons," Mr Chapman said.
"They are looking to study, people are looking at Newcastle as a place to live later in life and, more importantly, people are looking at Newcastle as a place to work and live now.
"We're seeing a lot of people come to Newcastle in their 30s and 40s chasing good jobs, which we're now starting to see more of, and much more affordable housing.
"We are seeing growth in Newcastle's population from outside of the region across a range of demographics."
Doma's general manager of development Gavin Edgar expected Huntington be completed by mid 2021.
Valentina Misevska from the Hunter Central Coast Development Corporation joined Mr Edgar on Friday to ceremonially turn the first sod and formally kick off construction of Huntington. Also taking part in the ceremony was Maurizio Rosin of Bloc, who will be responsible for construction.
