Property market update: Melbourne, April 2022
Melbourne’s growth plateaued over April and posted its first quarterly since the start of the pandemic boom, further d...
An overlooked suburb in Sydney’s west has been tipped as one of the best hotspots in the state with reported growth estimates of eight per cent per annum over the next five years, while much of the nation stagnates.
According to property research company Residex, the area is ripe for growth with the announcement of the expansion of the local corporate business park.
“Glenwood is conveniently situated five kilometres away from Norwest Business Park, which is home to major companies including Woolworths, Inchcape (Subaru), Braun and Capital Finance - all of which are a major source of employment within the area," Residex said.
“Currently accommodating 20,000 employees, the park is expected to add more jobs in coming years, increasing its capacity to 35,000 employees.”
The expected growth in employment has helped spur the construction of Sydney’s long-sought North West Rail Link, as well as upgrades to the M2 Motorway and Road entry point into Norwest.
Buyer’s agent and director of Positive Real Estate Sam Saggers told Smart Property Investment the entire Blacktown area was undergoing major changes.
“The local council really needs to be commended on their focus to driving change,” he said.
“The new economic precinct is attracting multinational corporations, which are bringing higher income earners to the area … everyone wants to live close to work.”
Despite the expected influx of white-collar professionals, Residex data shows the area is currently dominated by young families, due to a relatively low median house price of $584,000.
“This is a family suburb, with approximately 27 per cent of the population aged under 14 years and 32 per cent aged 25 to 44 years-old," Residex stated.
“Approximately 63 per cent of households are made up of couples with children … only 14 per cent of residents are aged 55 years or over.”
The predicted growth rate for Glenwood, according to Residex, is sitting at eight per cent per annum for the next five years, while median rents are currently sitting at $590 for a rental yield of 5.29 per cent.