Menangle Park could be the next South Western Sydney success story
For buyers willing to gamble on an early-stage release in an unknown suburb, the rewards might just outweigh the risks. ...
Affordability and lifestyle are driving increased demand for properties in Sydney’s south-west, despite the downturn.
Steve Diggins, director of Professionals Narellan & District, has flagged how the 2019-20 financial year “saw a positive start with increased property activity across all price ranges in the south-west”, long seen as a more affordable pocket of Sydney.
While the market did temporarily halt with COVID-19, Mr Diggins said it didn’t slow down levels of enquiry.
And “with restrictions being lifted, we witnessed an upsurge in sales leaving stock levels now low”, he explained, meaning there’s now a shortage of quality homes on the market across the south-west.
“We have far more buyers in the market at present than available stock,” he commented, noting that the area has long been an affordable option in the broader Sydney market.
And with planned infrastructure for the region including the Western Sydney international airport, the south west rail link, shopping centres, aged care facilities and educational offerings, the director has forecast the local market as “extremely positive” post-COVID-19.
“We expect there to be a surge in enquiry from residents, considering the move west from inner Sydney suburbs” he predicted, calling the area “a desirable address to purchase a home”.
“Their motivation seems to be an interest expansive open plan home designs and homes within communities that offer an abundance of outdoor spaces and facilities.”
Some of that demand is being underpinned by a new masterplanned community in Gledswood Hills – The Hermitage.
Embodying an “outdoor lifestyle”, the Sekisui House development has benefited from people being forced to spend more time at home.
Sekisui House sales and marketing director Craig Barnes has noted that “enquiry levels accelerated in May following the easing of restrictions in NSW, as did buyer confidence”.
He said transactions post-lockdown are exceeding pre-COVID-19 sale rates for both homes and land.
“In the last two months, we have seen a sales uplift of 55 per cent when compared to March and April figures, and a 147 per cent increase on the same two-month period last year.”
According to Mr Barnes, “recent buyer activity and habits are leaning towards adaptable floor plans that are capable of accommodating a work-from-home environment.
“It appears that this trend is set to continue well into the future as many businesses re-evaluate whether to return staff back to the office full-time,” he commented.