Badgerys Creek airport is set to create a whirlpool of money for land owners and residents in and around the Western Sydney location. Demand to live here is set to thrive to new levels due to jobs growth from business investment and decrease in travel time to the city and beyond.
Suburbs set to prosper include that north of the airport in Penrith and Mount Druitt as well as south in Ingleburn and Campbelltown. Investors now have a landmark opportunity to get into the market in these areas and benefit from the long term capital growth that will flow on from the mountain of infrastructure spending.
There is no doubt that Badgerys Creek airport presents the greatest opportunity for growth the surrounding area has ever seen.
The development of Sydney’s second airport has been a long time coming with original plans going back three decades, stalling due to the debate over the impact on the environment and the way of life for some country residents. The general consensus for property prices however has always been positive.
Strong campaign in favour of the project is Western Sydney Director of the ‘Sydney Business Chamber’ David Borger. “The biggest challenge for Western Sydney is the lack of jobs. People have to travel long distances to get to work, and that can mean three hours a day and petrol costs. If you can live closer to a good job, presumably the land you’ve been living on becomes more valuable because more people want to live there.”
Managing director of ‘Starr Partners Penrith’ Nigel Lock backs up this claims and has gone on record to say “Any form of infrastructure is going to improve accessibility and improve prices... The population is growing out here with all the new estates so there’s a demand for it.”
Mr Lock went on to explain his observed a steady influx of investors coming into the market in the past year. “A lot of things are influencing factors, such as being close to railway stations and good shopping centres... The airport is definitely going to have an influence on it.”
The surge on property prices is likely to gather steam once the airport gets its final approval to proceed. Local agent Peter Diamantidis stated price increases could range from $50,000 up to $400,000. “If you were right next to Badgerys Creek it could even go up by the millions depending what you’ve got,’’ he said. This will likely be driving on the size of the property and the quality of the development in the case for off the plan apartments.
What we can count on is over recent years, many large infrastructure projects across Australia have encouraged capital growth in property values in the surrounding areas and a new airport will definitely create more local jobs.
Published on 20th of October 2014 by Marty Stanowich