Two South-West Sydney suburbs’ growth supercharged by gentrification
Despite high levels of gun violence, two Sydney suburbs have become extremely appealing in terms of great growth prospects as a result of gentrification, according to a leading real estate CEO.
The neighbouring suburbs of Busby and Miller are seeing new life being injected into the area, and with it, says Starr Partner’s CEO Douglas Driscoll, comes new growth.
“The makeup of the area has changed quite a lot over the last five years,” Mr Driscoll said to Smart Property Investment.
“It’s becoming increasingly gentrified, and because of that, where you might have a lot of old 60s and 70s [buildings], a lot of them are getting knocked down and lot of newer properties are replacing them.
“With that, naturally you’re going to see obviously the makeup of the area change, and then the average property changes, which means the median property price is going to change. Obviously, it’s experienced growth anyway.”
Previously, Mr Driscoll tipped off Smart Property Investment that Miller is a hotspot to watch out for in 2018, ranking it at number four.
Back in November, he said the suburb was relatively unknown, but the construction of more properties will gentrify the area further.
“If I was currently looking to invest in the market, I would be considering Miller,” he said.
Both Miller and Busby, according to Mr Driscoll, feature improved connectivity with close proximity to the M7 motorway and schools, leading the way for the gentrification of the areas.
Previously, Mr Driscoll said Busby was a very popular area in the South-West corridor.
“We’re seeing better connectivity in terms of transport, infrastructure. You obviously got Badgerys Creek being built close-by, which itself is going to create ample opportunity,” he said.
“A lot of these bigger detached homes have been built in the last five years, obviously, which means the median price has increased partly because of that.”