It’s time to drop the idea that Sydney market is weakening. While it may be true in some parts of the city, Western Sydney is bucking the trend. In fact, a recent study showed that Western Sydney is well and truly booming.
The Future City Minds report, commissioned by specialist recruitment agency Michael Page, found that 64% of Australian professionals believe that, in the next five years, the area has the potential to progress economically to the level of the CBD areas of Sydney or Melbourne. 91% of Australian professionals in the region, meanwhile, would like to change their jobs to work closer to home, given the right opportunity.
The research also noted that Western Sydney is already Australia’s third largest economic region and is home to 47% of Sydney’s population and up to 70 nationalities.
The region was also projected to have a 1.9% population growth each year for the next 20 years, and this, consequently, will likely provide 200,000 new jobs by 2020, according to Michael Page.
Even better: Growth in sectors across property, infrastructure and construction, manufacturing, sales and service-related industries are already expected.
To further guide interested investors, Your Investment Property (YIP) chatted with Scott Timbrel (ST), Director of Western Sydney for Knight Frank, few weeks ago.
YIP: What kind of properties can investors look at in Western Sydney?
ST:
YIP: Any advice for investors planning to capitalise in the area?
ST:
YIP: If the investor is just starting, how can he/she maximise the potential of the region?
ST:
YIP: When is the best time to start investing in the area?
ST: