Change ahead for western Sydney suburb
Housing demand in the Glenmore Park Local Government Authority (LGA) is set to alter following a change in demographics, according to PRDnationwide research.
The western Sydney suburb has seen an increased demand for medium-density housing, said PRDnationwide research analyst Oded Reuveni-Etzioni.
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Mr Reuveni-Etzioni said change in dwelling type over the past decade was noticeable, although detached homes remained the dominant product in the suburb since the 1990s, accounting for over 90 per cent of the suburb in 2011.
"However, an increased demand for medium-density product in the Penrith region has been seen in new developments in north Penrith and the surrounding suburbs, where buyers have opted for centrally-located low-maintenance dwellings," he said.
"Both house and land sales in Glenmore Park softened in the six months to January 2012, recording 166 house and 55 vacant land transactions respectively."
According to Mr Reuveni-Etzioni, observing the price points for houses in Glenmore Park over the first half of 2013, the largest share of detached dwellings were transacted in the $400,000 to $499,999 price point, accounting for 40 per cent of the stock.
"Semi-detached product such as villas and town houses exhibited marginal discounting over detached dwellings, with high-specification product and superior location offsetting a smaller land size," he said.
