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State of Markets – NSW November 2012

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

NEW SOUTH WALES

Blacktown next spot to boom
Recent local council announcements have outlined exciting growth for one area of Sydney, with many investors starting to jump in looking for growth, according to several investment experts.

After Blacktown’s council announced major growth plans, a prominent investor in Western Sydney has reminded others that the local council covers more than just the Blacktown CBD.

Stewart Fraser of Propertybuyer believes the announcements are great news for investors.

“All the publicity generated from this is great,” Mr Fraser said. “It’s good to see the council has a proactive outlook on creating jobs.

Victor Kumar from Right Property Group agreed that the publicity is only helping investors. “All the media coverage is causing investors, especially first time investors, to jump in,” he said. “This alone is driving inflation and pushing already great rental yields up.”

NSW regional areas growing in attractiveness
Strong rental returns for investors, falling crime rates and diversified economies are just a few of the catalysts luring potential buyers to regional NSW.

The Evocities program, a federal and local government-supported incentive scheme, aims to build up some of the state’s largest rural centres: Albury, Bathurst, Orange, Tamworth, Armidale, Wagga Wagga and Dubbo.

Employment, however, is the biggest obstacle to encouraging urban Australians to relocate to inland towns, according to PRDnationwide.

The NSW Inland Cities report found the scheme relies on major corporations relocating their head offices.

“The issue of employment remains at the top of the agenda for both councils and residents in country areas,” according to research analyst Oded Reuveni-Etzioni.

“Remoteness from Sydney was a secondary concern, mainly because residents who felt that moving to a regional city will not meet all of their entertainment needs.

“It is exacerbated by inefficient passenger rail links and by regional airports that offer limited flights to the capital cities,” Mr Reuveni-Etzioni said.

State of Markets – NSW November 2012
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