Finding a property under $500k in Sydney is now getting extremely hard to find. According to CoreLogic, the median dwelling value is now approximately $785,000, with the median house price at $890,000, whilst the median unit value is now at $675,000. Although property prices in Sydney have dropped since the boom last year, where the median dwelling value reached almost $1 million, it is still the most expensive capital city to buy property in Australia.
However, there are of course still handfuls of suburbs that have more affordable property prices, you just need to know where to find them!
One such suburb that you should be keeping a close eye on is Blacktown. Ideally positioned just 34km west of the Sydney CBD and just 10 minutes’ drive to Parramatta, Blacktown makes a solid investment and is a suburb that ticks plenty of boxes.
Not only do you have good schools, retail, dining and entertainment close by, but there are also a number of large parklands within easy reach, including the Blue Mountains National Park just a short 30-minute drive away – perfect for weekend escapes.
So, why should you be investing in property in Blacktown
? Here are our 10 top reasons.
10 Reasons to invest in property in Blacktown
Blacktown is well positioned just 34km from the Sydney CBD, but is also within easy reach of Parramatta, a major CBD in the Western Sydney region and considered Sydney’s second CBD. On your doorstep you can find a number of good schools, hospitals and retail and dining opportunities within the Westpoint Shopping Centre, the main shopping centre in this suburb.
Residents are also blessed with huge areas of parklands, just a short drive away, whether that’s the Prospect Nature Reserve, also home to the Wet’n’Wild theme park, the Western Sydney Parklands or the extensive Blue Mountains National Park. You therefore have the best of both worlds on your doorstep; city amenities and outdoor recreation when you invest in property in Blacktown.
2. Good transport options
Another reason that attracts owner occupiers and property investors to buy and invest in property in Blacktown is the close proximity to transport hubs. Trains and buses both serve Blacktown, whilst major roads including the Great Western Highway, Western Motorway and the Westlink M7 all are easily accessible.
A trip by train to Sydney city takes approximately 35 minutes during peak periods and is a direct trip.
3. Upcoming major investments
The area in and around Blacktown is set to greatly benefit from high levels of growth due to prime investment. The Western Sydney Airport at Badgerys Creek is just one of the major investments in the area, set to generate almost 9,000 direct jobs, and 6,900 indirect jobs in the surrounding area, whilst another 60,000 direct jobs will be generated by 2063.
Other important investment opportunities include the Local Environment Plan which focuses on new business parks, zoning changes and new high rise towers, whilst the North West Growth Centre covers approximately 10,000 hectares of land, within the LGA boundaries of Blacktown, The Hills and Hawkesbury councils. It is an important future urban development, with 12 out of the 16 precincts located within the Blacktown LGA.
4. New job creation
Through these major investments and developments, a wealth of new jobs will be created, which will attract more people to live here as well as invest in property in Blacktown. Under the Local Environment Plan, 30,000 new jobs are expected in Blacktown, whilst the new Western Sydney Airport at Badgerys Creek will generate approximately 15,900 direct and indirect jobs initially.
5. Increase in new dwellings
With more job opportunities, an increase in new dwellings are also required to house this growing population. According to the 2011 Census, Blacktown City had approximately 94,471 households, with the average household size sitting at 3.1 persons. Family households catered for 77,099 households, whilst lone person households made up 15,251 households. It is expected though that the average household size will shrink from 3.04 in 2011 to 2.87 in 2036.
Separate houses make up 70% of the dwelling types in Blacktown, whilst medium and high density dwellings total 29%. Blacktown will therefore require 186,800 new dwellings to cater for an additional 540,000 residents by 2036.
The North West Growth Centre is also set to accommodate up to 70,000 new homes.
6. Growing population
Blacktown’s population is set to rise from 340,000 to 540,000 residents by 2036. With a rapidly growing population and the creation of thousands of new jobs in the local area, this puts added pressure on new dwellings to be built to house these additional residents.
As the population increases, the demand for new dwellings also increases. With the population to grow by 200,000 in 20 years, 186,800 dwellings are required to house this increase in population. A rapidly growing population is a key reason why you should be investing in property in Blacktown.
7. More affordable property prices
One of the reasons why property buyers look to Blacktown for their property purchase is the fact that property prices in Sydney have skyrocketed. It is now extremely expensive to buy property in Sydney, but Blacktown is one of the more affordable suburbs. According to realestate.com.au, the median house price sits at $655,000, whilst the median unit price is $466,500.
8. Attractive rental yields
Rental yields in Blacktown remain attractive, sitting at approximately 4.5 per cent. Anything above 4 per cent is an attractive rental yield, making investing in property in Blacktown a worthwhile venture, especially for first time investors who are eager to enter the property market.
9. Low vacancy rates
Vacancy rates for Blacktown are also low, currently sitting at 2.51 per cent (realestateinvestar). Vacancy rate is important to look at, particularly as an investor, to ensure your investment property does not sit vacant for weeks or even months on end, costing you thousands of dollars out of your own pocket. A solid and healthy vacancy rate sits around the two to three per cent mark or less.
10. More people moving further west
As land becomes scarcer and more expensive, more people are moving further out west to capitalise on this growing region and enter the property market. Transport and amenities are already in place, with more major developments and improved infrastructure to come, meaning that this region is set to thrive in the years to come, so it’s best to get in early if you are looking to invest in property in Brisbane.
Not only does Western Sydney offer a fantastic lifestyle for residents, you can also benefit from public transport and reasonable commutes to Sydney CBD, whilst the future infrastructure close by including the new airport at Badgerys Creek will no doubt create a booming market through new jobs, dwellings and new residents flocking to the area.
Exclusive Blacktown development from iBuyNew
If you’re seriously thinking about investing in property in Blacktown, then we have some exciting news. iBuyNew has just secured an exclusive development
in the heart of Blacktown at an affordable price. We give you first access to this exciting new development, before prices rise and before it launches on the marketplace. To ensure you don’t miss out on this exclusive Blacktown opportunity, be sure to pre-register
your details now to avoid missing out. Pre-Register for our exclusive Blacktown Development now.
Blacktown is a vibrant and thriving suburb with great lifestyle appeal. If you are considering buying or investing in property in Blacktown, be sure to get in touch with the iBuyNew team today. Simply send us an enquiry online using our form, or give us a call on 1300 123 463
Published on 22nd of November 2018 by Marty Stanowich