REVEALED: New investment hotspot
Recent council announcements have outlined exciting growth for one area of Sydney, with many investors starting to jump in looking for growth, according to a number of investment experts.
After Blacktown council announced huge growth plans for the region, a prominent investor in Western Sydney has reminded others that this local council covers more than just the Blacktown CBD.
Stewart Fraser from Propertybuyer has spent six years investing in the Blacktown area and believes the recent announcements are great news for investors.
“All the publicity generated from this is great… it’s good to see the council is having a proactive outlook on creating jobs.”
Victor Kumar from Right Property Group agrees that the publicity is only helping investors.
“All the media coverage is causing investors, especially first time investors, to jump in.
“This alone is driving inflation and pushing the already great rental yields up.”
The Blacktown City Council is aiming to create the latest western capital CBD, with a business park, multi-storey office blocks and an investment strategy hoping to attract thousands of "high-order" jobs.
Blacktown mayor Alan Pendleton hopes his council's vision will boost the local area's employment capacity from 5,000 to 40,000 and help tackle the region's unemployment rate, which is double the rest of Sydney.
According to Mr Fraser, western Sydney is a great investment because it is the fastest growing area in Sydney.
“The thing people need to remember about Blacktown is that there is more to the region than just the CBD. I prefer buying properties on the western fringe of the region, like St Mary’s.
“I’ve been noticing prices rising over the past year or so. Usually I aim for properties at the low 200 thousand dollar mark, but they’re proving harder and harder to find.
“I’ve seen prices rise probably $100,000 in the past 12 months alone,” he told Smart Property Investment.
Currently the western Sydney Regional Organisation of Councils has predicted a job shortage across the region will grow from the present 182,000 to 290,000 by 2036.
Mayor Pendleton told News Limited that the new plans will create another hub for jobs in the west.
"The growth of western Sydney must be geared towards employment and growing industry more than ever before," he said.
"The total employment target set for Blacktown is 68 per cent greater than what the current Metropolitan Plan for Sydney allows. This can help combat the western Sydney jobs deficit by up to 16 per cent alone."