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Future development for Western Sydney and House Prices


DAN135

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It looks like Western Sydney (Around Narellen, Cobbity, Campbelltown, Bringelly, Badgery's Creek) will experience massive housing construction over the next 15 - 20 years according to government plans.

Vast areas of land are already being constructed on and this is only the start.

 

We have been to visit several housing developments in these areas and prices are fair compared to Sydney. My concern with buying here is whether the value of the property will actually increase in the coming years, given that the dynamics are completely different to Sydney where there is no more land to build properties hence demand for the existing properties spirals.

 

There is effectively unlimited land in Western Sydney for developers to continue their construction. If the bubble bursts do you think these areas will be hit particularly bad? These areas are the only places we can realistically afford to buy in.

 

I'd welcome peoples thoughts, thanks

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Personally I find it's short-sighted that they're developing these areas at all. Australia doesn't have very much good farming land in spite of its size, and most of it is near the coast, in exactly the areas where people most want to live. Gradually all the prime farming land in the Sydney Basin is being sold for residential development because it's politically expedient to do so, and the same has happened/is happening in other states.

 

That may not sound like it's relevant to your question, but it is. If the politicians do the sensible thing, then there is NOT unlimited land in Western Sydney, because they should be preserving that land for agricultural use (relying on imports to feed ourselves is dangerous - what if other countries have shortages, or there's a war somewhere that disrupts supply lines?). The developers don't want unlimited land released either, because it would depress their prices, and we know their influence on the pollies.

 

I think the prices will depend on how fashions change in property in Sydney. Right now in Sydney, people WANT to live in the inner ring suburbs, and are only forced to the outer areas because of affordability. Whereas thirty years ago, everyone was fleeing to the leafy outer suburbs and thought the inner city was for bogans. That's a cycle that comes and goes in all cities. Perhaps in a few years, Sydney will be more like the UK where everyone seems to want to live in the country and commute for hours?

 

http://www.sesl.com.au/fertileminds/200912/Sydney_Basin.php

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