It’s hardly new to anyone that the Sydney property market has become like an elite club, open only to a select few. It’s rare that first home buyers can find their way in, and many are seeking alternatives outside of the central metro region. Less than an hour from the heart of the city, north west Sydney has become a hot spot for first home buyers, young families, and single professionals aiming to be long term property investors. Those with aspirational career plans can chase their dreams with a move to Sydney – Australia’s city of dreams for young professionals – yet still grow their future in a cost-effective way, with a north west Sydney base. The thing these people all have in common is a desire to buy property in an area that offers similar lifestyle benefits to the city, but at much greater affordability – and north west Sydney is certainly delivering.
Of course, affordability is nice but getting bang for your buck is even better. Not only are buyers finding great properties within their budgets in north west Sydney, they are also getting more for their money. With Sydney property values reaching eye watering figures in recent years, it’s not hard to make the choice between a 2-bedroom apartment in Sydney and a 4-bedroom duplex in the north west for the equivalent price. Many of the new housing developments offer much more intelligent lifestyle design too – incorporating smart technology and the kind of contemporary features you’d expect in a city property, into the outer metro homes as standard.
The market is embracing first home buyers at the moment, as the interest only reset period rapidly approaches for many interest-only mortgagees and greater volumes of good quality stock become available. Anxious investors are trying to avoid increased mortgage payments and an oversupplied property market, by getting out while the going is good. Some of the best housing stock on offer is in North West Sydney and first home buyers are jumping at the chance to get into brand new developments such as Tilia by Poly and Marsden Central.
With more available urban space than the inner city, the north west is also offering first home buyers the kind of future they might have expected to build up to, through their 2nd or 3rd property purchase. New major shopping centre developments, along with schools, parks, sporting facilities, service centres and of course roads and transport services, eliminate the prospect of a first home buyer growing out of their surroundings. Not only can they enjoy the benefits of contemporary life with an easy commute to the city and all the local amenities they need, they can also become part of a strong local community that will develop with them as they progress through the different stages of their lives – from single young professional to growing a family for example.
Considerable investment is being made into Sydney’s north west, by both state and Federal governments, with projects such as Sydney Metro Northwest and the Western Sydney City Deal all bringing new life and prosperity to the region. These projects clearly single out the whole region to Sydney’s west and surrounds as a priority growth area, with heavy investment and development taking place over the next few years. This is encouraging for new buyers, looking to invest in a home as well as a future in the area.
Although those in the north west area have had good accessibility up until now, with the M2, M4 and M7 freeways connecting to the CBD in under an hour, the new Sydney Metro Northwest project will make timetables a thing of the past, with anticipated services every few minutes in peak times. It’s not only about transport though – the Sydney Metro Project will be orchestrated over a 10-year period, with the Sydney Metro Northwest transport section expected to open by mid 2019. As well as new stations, new lines and improved ticketing and passenger flow strategies, Sydney Metro Northwest Places has growth and sustainability for the region in mind for the longer term. This element of the project will focus on innovative urban design, safe and dynamic public spaces and housing and focused strategic infrastructure planning, to fully support the new transport connections.
Along with improved accessibility, there will be the flow on effect arising from the Western Sydney City Deal. This 20-year multi-governmental agreement will transform Sydney’s outer west, in preparation for a new age. Bordering suburbs to the north (and their surrounds) such as Bella Vista, Baulkham Hills, Castle Hill and Epping, North Ryde and Macquarie Park will inevitably benefit through the deal’s focus on 6 specific domains. These include connectivity, jobs, skills and education, planning and housing, liveability and environment and governance. If that’s not enough, the multibillion-dollar Western Sydney Airport project exists in addition to the Western Sydney Deal and with so much focus on growth, it’s impossible to not get excited about what will happen to property values in north west Sydney in the years ahead.