New housing developments in western Sydney may eventually cover an area “the size of Canberra”, according to a new report from Herron Todd White.
The firm’s review of the property market suggests both the north west and south west of the city will attract frantic development over the next 30 years, with construction already underway in some estates.
“An area the size of Wellington, New Zealand is planned for development in the north west of Sydney, while an area the size of Canberra is planned for redevelopment in the south west of Sydney,” the report stated.
According to Herron Todd White, these newly constructed suburbs are expected to encompass recreational and employment zones, as well as new residential blocks.
The report suggests existing estates in the west attract young families, investors and new home buyers, although more luxurious properties are also on offer.
“While these outer suburbs provide a lower entry point for modern housing in Sydney, they also provide a wide variety of pricing, with a recent sale reaching over $1 million in The Ponds,” the review stated.
Buyers are reportedly “camping out for days to secure a new block” in the estates currently being constructed, according to the report.
“This is due to the supply of land being tightly controlled by the developer, low interest rates, and government incentives for new dwellings,” the report said.
In New South Wales, first-time purchasers of newly-built properties may be eligible for a grant of $15,000 from the state government.