Principal Basel Nahas says a lot has changed in real estate and the area over the past 20 years.
March 10 is the 20th birthday of Laing+Simmons Mount Druitt and over the years, Principal Basel Nahas has witnessed first-hand the local market’s evolution into a go-to place for families and investors, to become a million-dollar suburb.
Laing+Simmons Mount Druitt is one of few real estate businesses to celebrate 20 years in operation in the suburb and is the longest running office still in business.
Today, Basel and brother Jack are supported by a team of 20 local experts whose dominant market share positions them at the very top of Mount Druitt real estate.
According to Basel, there have been some major changes in the local market since he established the multi-award-winning real estate office in 2003 – and there are more to come.
“When we first opened our doors, the Mount Druitt market had some challenges in the way it
was perceived,” he says.
“The average price of a home was about $280,000. But over time, the area has evolved enormously, values have tripled, it has become something of a hotspot, and Mount Druitt has broken the million-dollar suburb price tag.
“Demand from owner-occupiers, families in particular, as well as increased interest from investors has seen the suburb transform into a truly diverse and culturally rich place with people from many different backgrounds now calling Mount Druitt home.
“The nature of the real estate on offer has changed along with the demographic shifts.
“New developments have changed the landscape, knockdown-rebuilds have resulted in the creation of larger family homes, and this in turn has contributed to broader investment in the suburb.
“The Government has announced a $1.49 billion revamp of the Mount Druitt CBD and recently removed the floor-space ratio limitation in the CBD, which will reshape the commercial centre. While the past 20 years have transformed the suburb, the evolution is set to continue,” he says.
According to Basel, the local property market has demonstrated real resilience in the wake
of the broader downturn in prices.
“We have not seen dramatic price declines in Mount Druitt. Some vendors are cautious about selling in the current climate, however we are seeing demand regather momentum which is creating pressure on the shortage of supply,” he says.
“This year, we expect the Mount Druitt market to again prove its resilience. Infrastructure investments in new hospital, school and transport projects, the revamped Westfield, the convenience of the M4 and M7 motorways, the Metro line to St Marys, and the soon-to-becompleted airport all point to the future strength of the local economy.
“The past 20 years have gone quickly but the changes we’ve witnessed have been major.
We’re excited to see how different the suburb will look in another 20 years’ time.”
Laing+Simmons CEO Leanne Pilkington congratulated the team on a milestone few
businesses ever reach.
“Basel, Jack and the Mount Druitt team are ingrained as part of the Laing+Simmons family,” she said.
“They exemplify what we stand for. They’re the undisputed local market leaders, they’re active in the local community, they give charitably, they take pride in their work and their community, and they have created life-changing outcomes for many local people over the years.
“Twenty years is a major achievement for any business. In the competitive real estate landscape, it’s a milestone which speaks volumes for the service and value Laing+Simmons Mount Druitt has delivered to its community, which it continues to deliver to this day.”
Source: Wise McBaron