A Sydney region has recorded double-digit growth on the back of billion-dollar infrastructure investment.
Penrith prices increased by 13.5 per cent in the 12 months to June 2014, according to PRDnationwide research analyst Harrison Hall.
In the past five years, house prices have increased 29.2 per cent and units have climbed 18.6 per cent, he reported.
Mr Hall suggested government infrastructure projects totalling $7.1 billion are attracting investors to the region.
These projects include the $2.5 billion Sydney Science Park, which will comprise research and development facilities as well as educational amenities and student housing.
In addition, the Penrith Panthers Riverlink Precinct will bring retail, residential and aged-care sites to the area while the Nepean Green project will involve the construction of apartments, a tavern and new retail.
Mr Hall said better economic opportunities were changing the area’s resident profile.
“The area is predominantly families and couples, however demographics are expected to become more diverse thanks to more employment opportunities,” he said.
The outlook for the area is positive as more buyers are priced out of the central Sydney market, according to Mr Hall.