SouthWest Sydney: Paving Roads for First Home Buyers
Bishwas Bhattarai, Senior Lending Manager
M. Comm. (Banking & Finance) UNSW, Dip. Fin. Plan.
01 September 2017
For the last few years Southwest Sydney has been First Home Buyers paradise, and with its low median price is likely to keep this way. Detached land and house are leading the charge in this sleepy suburb.
Sydney Southwest has seen the unprecedented growth in terms residential housing expansion in the last few years and expected to continue. 1000’s of land are being released and houses are built every year to meet the demand for Sydney’s growing population. We already have seen the communities like Edmondson Park, and Leppington already being established.
Proposals are to bring more community located around Oran Park, Turner Park, East Leppington, Austral and Leppington North, Edmondson Park, Bardia, Catherine Fields. Also more around other southwest locations are proposed to carry around Lowes Creek and Maryland. The story is same around these areas will help proposed second airport at Badgerys Creek to connect better. This brings more consolidated government infrastructure spending in areas like Camden Valley way, Brigekky Road, Northern Road and Southwest Rail link. Federal and State Government have pledge over $3.6 billion infrastructure program for new and upgraded roads in connecting Badgerys creek.
Most of the resident living in this area still commutes to city in every work day, and at present the southwest lags behind the transport infrastructure. By the year 2036 Department of Planning is estimating the population in this corridor to reach around 1.088 million with over 115 000 houses to be build. Currently, Edmondson Park and Leppington has the new train line and there are plans to connect Oran Park but which could be decades.
It is expected with the expansion on the business centres the Southwest could create 57000 jobs, and the new airport only is expected to employ over 9000 people by 2030. That still creates the lot of demand public transport for over 300000 people to commute on the regular basis. It is expected basis infrastructure like school, hospital and government facilities will also be stretched for next 10 years if early planning is not done to cater this.
Other big projects on the horizon are Georges River Masterplan, opening of two University Wollongong Campus and the private hospital within the area. Also, the city of Liverpool is set to transform itself to business centre.
Investing on the Southwest has proved to be smart decision for Sydney sider over the years. Especially, the detached house has been entry point for first home buyers due to its lowest median price. With range of properties on offer from just above $ 500 000 for 3 bedroom house on Catherine fields, 1 bed room in Liverpool CBD to 4 acres for $2.3 million at Kemps Creek region has everything to please even the fussiest buyer.
With Sydney’s median price being skyrocketed, the prospect of buying the first home (detached property) for first home buyers is still alive in these areas. The average first home for $620 000 with 10% deposit could see average weekly repayments $668. Lot of those properties in these areas are off the plan, land and house packages, where, one will need to settle the land then to build the house with builder.
Most of the land are unregistered and are off the plan purchase. Professional legal and financial advice may need to be sought prior to committing these purchase that includes the suitability of the product, and services like the lending needs to meet the needs.
*The purpose of the post is only General Advise and not to provide any type of financial advise and is not prepared in repsect to your personal circumstances, objectives and needs. Before considering any investment decision, you should consider your personal objectives, circumstances and needs. And legal and financial advise may be required prior to acting in any decision.