Western Sydney homes near upcoming infrastructure projects will experience the biggest growth in the city’s property market this year, outstripping traditional boom suburbs.
Reports revealed the price of the medium Sydney dwelling will rise by six per cent in 2015. However analysts have warned the increase will not be spread evenly throughout the city.
Harrison Hall, PRD Nationwide researcher, said growth will be the strongest in Western Sydney because prices in the middle and inner ring suburbs have already increased beyond the budget of most homebuyers.
“In some cases, we’ve seen nearly 30 per cent price growth in inner city suburbs over the last two years,” Mr Hall said.
“This will drive buyers into cheaper markets where amenities are improving.”
Inner ring suburbs are due to see little to no growth, due to the weakening demand and the increase of supply.
Terry Ryder, Hotspotting director, said western regions primed for house price growth included suburbs in the Liverpool, Campbelltown and Camden LGAs.
“Municipalities on the fringes have become standout markets,” Mr Ryder said.
“Sydney’s far southwest is the leading precinct: both the Campelltown and Camden LGAs have markets heading north.”
Mr Ryder said events that bode well for the region include a government plan to convert greenfield land into urban development, the South West Rail Link and ripple effects from the approval of Badgerys Creek airport.
The demand in the southwest areas of Liverpool, Campbelltown and Camden LGAs has increased due to the influx of construction workers taking up jobs related to the construction of Badgerys Creek.
These future developments will increase the economy through creating jobs and encouraging population growth.