This article is from the Australian Property Journal archive
ONE investor from Melbourne and two from Western Australia have purchased investment properties site in Mount Druitt, which is a clear sign the well established western Sydney market is entering a new phase, according to Laing+Simmons.
According to Laing+Simmons Mount Druitt licensee in charge Basel Nahas, the new draft LEP plan for the Mount Druitt area has the potential to set the scene for the local property market for the next 25 years.
“The Mount Druitt property market is at a critical turning point. The Blacktown Local Environmental Plan has identified Mount Druitt as one of four urban renewal precincts in the area and the forecast influx of workers and residents has already attracted investors from far and wide, even though the plan is still in draft form,” Nahas explained. “Developers are also waking up to the opportunities and there is renewed confidence and trust in the market. For years new residential developments have been scarce in Mount Druitt, but developers are now moving into action to meet the significant pent up demand and the expectation of new demand to come,”
Nahas said the huge undersupply of housing in Mount Druitt is finally being addressed and it represents an exciting phase in the history of the local area.
He added that investors in particular are recognising the opportunities with demand from renters expected to increase, even with the onset of new supply, because of the growth and diversification of the local employment market.
“We continue to field inquiry from investors from the local area, greater Sydney and even interstate, as word is certainly spreading that the Mount Druitt property market is on the cusp.
“Much of Mount Druitt is zoned medium density, enabling the development of new products such as townhouses and villas, while there’s also high density development approved in close proximity to the station, which should appeal to investors and owner-occupiers alike,” Nahas said.
Property Review
