Affordable pricing, enticing yields and a wide range of stock are luring investors to Sydney’s west, according to Starr Partners Real Estate.
CEO of the group Douglas Driscoll said the climate of stable interest rates, development opportunities and flourishing employment centres are drawing buyers to the western suburbs.
“Anecdotal evidence from agents across the Starr Partners network shows investors are joining first home buyers and young families in the charge to the west, spurred on by affordability, availability of stock and the continually improving infrastructure and employment levels,” he said.
Newington, Homebush, Parramatta, Merrylands, Pemulwuy and Greystanes are proving particularly popular as constantly improving infrastructure and jobs in the area underpin strong rent demand and strong rental returns.
The Macarthur region, on Sydney’s fringe, is also offering attractive investment opportunities, according to Starr Partners.
“Investors looking to enter the Campbelltown market could put a deposit of around five to 10 per cent on a property. Based on current rental yields, they could easily make their monthly repayments back from the rent alone and benefit from having a steadily appreciating asset to their name,” said Elton Jardine, director at Starr Partners Campbelltown.
Affordability remains a key drawcard of the west, according to Starr Partners principal Phillip Starr.
Mr Starr said Starr Partners Merrylands recently sold a four bedroom home for $600,000 to an investor.
“In the city, they had trouble finding a studio for this price and yields would be much lower,” he said.
According to Mr Driscoll the market in the Western suburbs will remain strong.
“Western Sydney continues to flourish because of the constantly improving infrastructure and employment opportunities in the area as well as the good land and industrial estates.”