Greater Western Sydney has a rapidly evolving property market that is only set to grow further as population growth pushes the region ahead over the next 20 years.
Already home to 1 in 11 of Australia’s population, or half of all Sydneysiders, Greater Western Sydney (GWS) is set to absorb two thirds of the city’s population growth over the next two decades.
A NAB Horizons Special Report: Australia’s Engine Room, emphasised that new builds were expected to blossom in major hubs such as Parramatta, but also in emerging suburbs such as the new developments like Western Sydney Lakes.
NAB’s Julie Rynski said there was an uptick in development and construction coming in GWS.
“The GWS property market is a rapidly evolving space and it’s thrilling to watch the transformation of the region happening before our eyes,” she said.
“ For businesses and investors, as well as homeowners, there are plenty of exciting developments on the horizon.”
Ray White Diamantidis Group Director, Peter Diamantidis, said a lot of change was already occurring in the GWS residential market.
“Over the past five years we’ve been selling to a lot more owner-occupiers that are moving into the area that didn’t know about the suburbs originally,” he said.
“Going back more than five years we were getting more investors and locals buying local.
“Now, more than half are first home buyers.”
Mr Diamantidis said suburbs including Oxley Park and St Mary’s were popular with townhouse buyers, with average days on market less than seven.
He also noted that buyers who could afford up to $1 million were looking at St Clair and Erskine Park.
Mr Diamantidis said he was already seeing signs of the projected population boom.
“I’m already seeing it in suburbs like Marsden Park and Box Hill,” he said.
“There’s also new suburbs called Caddens, Orchard Hills, Austral and more.
“Even yesterday, I drove past Tallawong, and it didn’t exist (10 years ago), it was just bush, but now there’s 400 apartments within half a kilometre.”
Mr Dimantidis said with the new Western Sydney Airport at Badgerys Creek due to open in 2026, demand for properties in GWS would only grow stronger.
“The airport will definitely force more investors to come out here,” he said.
“It all comes down to affordability.
“And we’re on the western line, which means with the new Metro coming in now, you can go from St Mary’s to Central in 48 minutes.”
The NAB report revealed that the top five residential growth areas in GWS for house prices included Auburn, Blacktown and St Marys.
House values increased 16.1 per cent, year-on-year, in May followed by Blacktown at 15.3 per cent and St Marys at 15 per cent.
Mount Druitt (13.7 per cent) and Merrylands/Guildford (13.6 per cent) rounded out the top five.
Laing+Simmons Auburn Principal Themy Panagiotidis said the Auburn market was “very vibrant”.
“There’s a lot of activity and, in some cases, prices have gone up more than 16 per cent,” he said.
Mr Panagiotidis said as well as Auburn, Granville, Merrylands, Guildford and Lidcombe would prove to be hotspots going forward for their affordability.
“Berala is also a little hotspot,” he said.
“There’s very few sales there because it’s very tightly held.
“These suburbs offer value for money and they’re still relatively close to the new airport, Parramatta and Mascot, but you’re paying 10 or 15 per cent less than Auburn.”
