Several Sydney suburbs are expected to reap the benefits of future infrastructure developments such as the Western Sydney International Airport and Sydney Science Park.
The western region, which is home to suburbs like Gledswood Hills, Oran Park, Gregory Hills, and Leppington, has already attracted investment groups and developers, according to The Urban Developer. Furthermore, the state government has committed to invest $3.6bn into the Western Sydney Infrastructure Plan over the next decade. Based on industry projections, the Western Sydney Airport will create over 28,000 jobs.
While the housing slump has raised concerns about the viability of the emerging developments, some developers think the downturn has actually provided opportunities in the region. Given the unaffordability in other parts of the city, particularly in central Sydney, the region has garnered increased attention from investors and developers.
"The South West is igniting Sydney's future growth. Investment dollars being poured into the region solidifies its future growth, particularly in suburbs located within close proximity to key infrastructure hot spots," Sekisui House sales and marketing manager Craig Barnes told The Urban Developer.
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Sekisui House is amongst the residential groups which invested in western Sydney projects. Its latest master-planned community is The Hermitage at Gledswood Hills, which spans 307 hectares and could house over 2,200 dwellings.
"It is anticipated that much of Sydney's growth activity within the next 10 years will be concentrated in the Western Sydney region, particularly greenfield developments with land availability," Barnes said.
The region is expected to welcome an additional 300,000 residents by 2031, according to estimates by the state government. With other infrastructure developments in the pipeline, market watchers project a surge of investors who will want to take advantage of the emerging property hotspot, said Michelle Nash, a property manager at Narrellan.
"Return on investment as a percentage and lower house prices to move into the market makes this region very appealing to knowledgeable investors. More infrastructure is coming over the next 25 years with major rail and airport projects, and available land is increasing in developing suburbs," Nash told The Urban Developer.
