Ugly duckling suburb at critical turning point
A western Sydney suburb has been seeing an investor uptick, with recent LEP changes having the potential to ‘set the scene’ for the next 25 years of investing, a new release has revealed.
Laing+Simmons Mount Druitt have recently seen investors purchasing sight unseen, which licensee in charge, Basel Nahas, is calling a sign of the market entering a new phase.
“The Mount Druitt property market is at a critical turning point. The Blacktown Local Environmental Plan has identified Mount Druitt as one of four urban renewal precincts in the area and the forecast influx of workers and residents has already attracted investors from far and wide, even though the plan is still in draft form,” he said.
Previously, Smart Property Investment was privy to an investor meeting about the area that resulted in mixed responses for investors to the proposed changes.
However, it appears that while the short-term confidence is mixed, the long-term outlook is positive.
“Developers are also waking up to the opportunities and there is renewed confidence and trust in the market,” said Mr Nahas.
“For years new residential developments have been scarce in Mount Druitt, but developers are now moving into action to meet the significant pent up demand and the expectation of new demand to come.”
These changes are expected to address the ‘huge undersupply’ of housing in the area, and outlines a “new phase of growth and the economic impacts”.
“Much of Mount Druitt is zoned medium density, enabling the development of new products such as townhouses and villas, while there’s also high density development approved in close proximity to the station, which should appeal to investors and owner-occupiers alike,” Mr Nahas said.