Housing Boost For Western Sydney Provides Investment Opportunities
A boost to the housing industry in Western Sydney could present a fantastic investment opportunity for keen investors in the near future, as the New South Wales government’s new policies aim to boost the dwelling supply.
The government is working towards unlocking the “housing potential” of greenfield areas, especially in Sydney’s North West and South West Growth Centres in order to provide the infrastructure needed to cope with the impending population boom.
According to Planning and Infrastructure Minister Brad Hazzard, the overall increase in supply will provide more opportunities for people – first home buyers and investors alike – to secure property in Western Australia.
The June 2013 quarterly report highlighted the rate of growth occurring in the city, indicating that homes completed in these areas doubled the results of the previous year – rising from 3,078 up to 6,196.
Furthermore, the percentage of new housing in these greenfield areas increased from 20 per cent during 2011/12 up to 29 per cent of the market during 2012/13, with Mr Hazzard encouraging people to built a variety of housing options – including townhouses, villas and traditional detached homes.
“We had the highest number of home completions and approvals in Sydney in nearly a decade last year – and our latest figures show we are improving on these record results in July and August,” said Mr Hazzard in a November 8 statement.
During this period there were 5,032 housing approvals in the region, an increase of 35 per cent over the same period in the previous year. Furthermore, there was a 7 per cent increase in the number of house completed, with 2,586 homes being completed over the period.
With an upturn in the housing industry, now could be a great time to consider entering into Western Sydney’s real estate market and secure property for the future.