Why you should be investing in property in Liverpool
Although Sydney is currently the most expensive capital city in Australia when it comes to property prices, there are still areas in Sydney that are growing in popularity and seeing good levels of growth.
Besides Parramatta seeing exciting new developments and infrastructure coming on board, Liverpool is one city that is also experiencing expansion and huge population growth. If you are considering investing in property in Liverpool, then the city is starting to see a fresh wave of new infrastructure, projects and residential developments taking to the skies, which will not only benefit local residents, but also investors looking to cash in.
The traditional manufacturing sector which Liverpool has been known for is now transitioning into a modern, high-tech industrial sector, with a particular emphasis on advanced manufacturing and logistics. The medical industry is also huge here with the largest hospital in NSW, another attraction as to why you should be investing in property in Liverpool.
Some of the recent investments in infrastructure in the Liverpool area include the $1.8 billion South West Rail Link as well as the $390 million redevelopment of the Liverpool Hospital which are both helping to redefine Liverpool and attracting new residents.
Positioned in Sydney’s south-west region, Liverpool is emerging as an important city here. Residents are well equipped with public transport and the Liverpool train station is situated on three train lines including the Cumberland Line, Airport, Inner West & South Line as well as the Bankstown Line. It takes approximately 45 minutes to reach Central Station from Liverpool, making this a reasonable commute for those working in the city.
Liverpool is also seeing sustained population growth alongside low unemployment rates, whilst approximately 75 per cent of residents here leave Liverpool to travel to work every day.
Travel To help improve commutes and to reduce travel times, there are a number of proposed transport works including the extension of the metropolitan line from Bankstown to Liverpool. This will reduce travel times to 35 minutes from Liverpool to the Sydney CBD. There will also be four train tracks at the new Western Sydney Airport at Badgerys Creek, allowing connections to suburbs including Leppington, Austral, Carnes Hill and Edmondson Park.
The new Western Sydney Airport at Badgerys Creek will also provide thousands of jobs with approximately 9,000 direct jobs and 6,900 indirect jobs. Over time and with more growth, it is expected that by 2063, there will be approximately 60,000 direct jobs.
Population In 2011, Liverpool City which comprises a total land area of 305 square kilometres and 42 suburbs, was home to 180,143 people with the median age of 33 years. By 2036, it is projected that the population will be 327,505 people. 64 per cent of those who travelled to work, did so by car, whilst only 5.7 per cent travelled by train.
As the population of Liverpool City rapidly grows, it is estimated by the Sydney Metropolitan Strategy that an increase of 35,000 jobs in Liverpool is required by 2036, making investing in property in Liverpool even more desirable.
Liverpool isn’t the only area that will benefit from a more efficient transport network. Penrith also has a new planning proposal, which according to the Penrith Mayor Karen McKeown is a “key milestone for Council in delivering on the Penrith Progression vision for the City Centre.”
"Penrith has experienced significant, sustained population growth over several decades, which is more than growing pains. It's reaching a critical point where the productivity lost due to congested roads and inefficient transport systems is costing Australia money," Ms McKeown said.
"Increased infrastructure spending in Penrith would provide significant returns on investment in terms of boosted productivity, better quality of life and creation of new business and employment opportunities."
The level of growth that is currently being seen in Sydney’s south-west region is unsustainable. Looking at Parramatta, there are extremely tight vacancy levels here. However, in comparison, Liverpool has large development potential, alongside healthy employment prospects and excellent transport connectivity. With Parramatta the major CBD for Sydney’s Western region, Liverpool is destined to become an important CBD for Sydney’s south-west region, particularly in the years to come.
With approximately 75 per cent of Liverpool’s residents working outside of the area, it makes having a strong employment hub and commercial centre situated within Liverpool increasingly more important. This means that more employment opportunities are required for Liverpool residents, as currently the area does not offer enough jobs, hence the reason why so many people have to look elsewhere. With more local jobs and amenities close to hand, this will help free up the roads and public transport network, helping to reduce the overcrowding issues that commuters are already facing.
Why invest in property in Liverpool? So why should you be investing in property Liverpool? As Liverpool starts to emerge as the next new growth centre in Sydney, there are plenty of reasons why this city makes a great investment. Here are our top reasons below.
1. Rapid Population Growth Over the next 20 years, Liverpool is projected to record rapid population growth of approximately 140,000 new residents. This will increase demand for housing as well as employment and amenities within the local area., making this a more attractive place to live.
2. Accessibility Residents of Liverpool are well connected by road, train and bus. The M5 and M7 Motorways and Hume Highway provide access to the Sydney CBD, with journeys taking approximately 45 minutes. Liverpool is also situated on three train lines and there is the potential that the metropolitan line from Bankstown to Liverpool will be extended, cutting down journeys to the city to just 35 minutes.
3. Affordable Living Compared to Sydney, Liverpool is a more affordable area to live and invest in property. The average unit prices here currently sit around the $415,000 mark, almost half the unit price of those in the Sydney CBD.
4. Large Rental Population Liverpool is also home to a large rental population, making investing in property in Liverpool even more attractive. Approximately half of the population rent a property here.
5. Revitalising the City Centre Liverpool also has major plans to revitalise its City Centre, making this area a place to spend your days, evenings and weekends. One of the major plans is the current revitalisation of the Macquarie Mall as well as the Bigge Park Improvements and Upgrades.
6. Strong Economy Liverpool has a diverse and vibrant economy with approximately 13,600 businesses setting up here, providing 62,000 jobs, including the Liverpool Hospital a major employer. Some of the leading companies found in Liverpool include Costco, Bunnings Warehouse, Westfield, Salmat and Big W Distribution Centre. With the new Western Sydney Airport at Badgerys Creek, this will further strengthen the local economy.
7. Skilled Workforce Due to the South Western Sydney Institute of TAFE and the training institutions close by, Liverpool has a highly skilled workforce. The new Western Sydney Airport situated at Badgerys Creek will be able to provide more employment opportunities for the skilled workforce here on the lookout for new job opportunities.
8. Regional Centre Liverpool is also the administrative and commercial centre for the growing South West region of Sydney and is also recognised as a Regional City in the Sydney Metropolitan Strategy.
With Liverpool emerging as a new growth centre, there’s never been a better time to purchase new property in Liverpool. To secure the greatest amount of growth, it’s best to get in early and our expert Property Consultants at iBuyNew can assist you with new property opportunities here, particularly if you are looking to buy apartments off the plan.
To learn more about investing in property in Liverpool, it’s best to get in touch with the iBuyNew team today. Call us on 1300 123 463 and find out more.
Published on 2nd of November 2016 by Marty Stanowich