Why Western Sydney is getting ready for ‘a new gold rush’
Over the coming decade, Greater Western Sydney is expecting an explosion of new residents. How long is the region’s boom set to last?
With one in 11 Australians calling Greater Western Sydney home, the region has long been one of the country’s busiest economic hubs.
As Sydney’s population continues to grow steeply over the next two decades, two-thirds of new residents are forecast to set up home in Greater Western Sydney.
According to a new report from NAB, the region’s growth trajectory is spelling the start of a “renaissance for the west” – one with abundant opportunities for both residents and investors alike.
“For generations of Australians, Greater Western Sydney has been the place to join a community, raise a family and build a business,” said Julie Rynski, executive for business banking metro and specialised at NAB.
Since the launch of the “three cities” concept in 2017, she noted that “all eyes have been looking west […] and the west hasn’t disappointed”.
Region-leading suburbs like Auburn and Blacktown are recording substantial 16 per cent year-on-year house price gains, and the momentum shows no signs of slowing.
Suburbs like Wiley Park, Kingswood, Mount Druitt, Glenmore Park and Greenacre have all been identified by experts as having strong growth potential for residential property.
Rynski explained: “Much of what’s to come will centre around the new Western Sydney Airport at Badgerys Creek, which will mark a culmination in this latest phase of growth for Greater Western Sydney and its transition into the next.”
For those who fear Western Sydney’s boom has reached its peak, data indicates the region still has many years of growth in its tank.
“As the long-awaited ‘aerotropolis’ nears completion, the surrounding region is preparing for a new gold rush,” NAB explained.
This “game-changing piece of infrastructure” is set to create 35,000 jobs and bring in 10 million visitors per year.
In response, population forecasts are predicting an “explosion” of newcomers to settle down in Greater Western Sydney over the next 10 years, bringing the region’s total population to 3.2 million – a 25 per cent increase.
“In Parramatta, a forest of cranes is expected to dominate the skyline for years to come,” reported NAB.
The bank also pointed to the increasing diversification of the area’s economy, with government departments and corporations setting up home in the Parramatta CBD, and creating more demand for office assets.
Meanwhile, prime greenfield sites in the vicinity of the Western Sydney Airport are currently transacting at around $1.2 million per acre.
“For businesses and investors, as well as home owners, there are plenty of exciting new developments on the horizon,” the bank concluded.
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