Hotspot undergoing significant changes
A property hotspot in Sydney is undergoing significant changes that investors must be wary about if they currently own or intend to buy, urged Right Property Group at an investor meeting last night.
At an investment education meeting last night at Rydges Hotel Parramatta, hosted by Right Property Group, the area of Blacktown Shire Council was up for discussion in the light of new proposed changes for the area.
Nathan Burbridge, economic development strategist for Blacktown Council, during his presentation, explained that Blacktown is the fastest growing LGA, and as such the Council is looking to add an extra 94,000 dwellings to the area.
This is the basis of the Blacktown Local Environmental Plan 2013.
“As Sydney expands, [Blacktown] is the natural place for expansion and therefore development,” he said. Affordability, with the new dwellings being looked at, may be difficult to maintain in the area.
Some of the zoning changes proposed will be around encouraging infill near train stations, including multi-storey dwellings.
A changing demographic is part of this push, and may in fact be exacerbated. Currently, around 50 per cent of the population is under 30 years old, and Mr Burbridge hopes that the LGA will start to retain its younger population in the years going forward.
Part of this will also be increasing employment opportunities in the area, something he said is of special interest to himself and council at the moment.
“Zoning plans are always a point of contention,” Mr Burbridge said of the mixed feedback so far.
Concerns from investors included whether the council would release the zoning to allow 94,000 dwellings at one time, or whether they would take into account the demand/supply balance of the area, and how they were watching the Penrith Council’s decisions in this regard.
Both answers were inconclusive, with more details to be released after the feedback consultation ends (19th April 2013). Investors can make a submission online.
The new zoning, should everything go ahead as planned, can be expected within the next 12 to 18 months.