Meet The New Sydney CBD Centres
With the NSW Government planning 33,000 new homes to be built by 2026 in Sydney’s Northwest, it’s creating new CBD hubs outside of the city.
The Northwest and the Hills district is located in the metropolitan area on the northern banks of the Parramatta River in Sydney. It’s connected by public transport from Chatswood and Epping to Rouse Hill and Castle Hill.
There are many reasons to consider these suburbs as the location of your next investment property or home in Sydney. But what exactly is about these newly on-the-rise suburbs that makes them a good choice?
Location
The Northern Suburbs is a culturally diverse region. Surrounding Eastwood–Carlingford in the southwest area, a large number of affluent Asian immigrants have settled, largely due to the high academic achievements of the local schools at the time.
The area has been called the "Sydney global corridor" to describe a geographical "arch" of Sydney, home to international corporations. Macquarie Park and North Ryde are where many global companies have their Asia-Pacific or Australian headquarters.
The area is undisputedly Australia's hi-tech hub and is home to scores of international corporations including Microsoft, Boeing, Fujitsu, HP, Avaya, and Optus.
The area also has the Ryde-Hunters Hill Equestrian Club, a quality golf course, an Olympic field hockey venue, the Macquarie University and Macquarie Centre.
Located at the crossroads between the northern and western sides of Sydney, it is a fantastic location for various commutes while offering nearby local job options. This makes it an ideal locale for owner-occupiers as well as a great buy to let investment.
Connectivity
It will also benefit from a new light rail, fast Sydney Metro Norwest connection between CBDs, Western Sydney Airport at Badgerys Creek, and the Richmond Road and WestConnex Road projects, which will ideally see a increase house prices and property value in future.
Demand
With Sydney’s population projected to reach 6.4 million by 2036, the city’s employment is set to almost double by 2021 to an estimated 186,000 and a $2 billion renovation to Parramatta Square is set to support this by attracting countless new companies to the area.
The North West (comprising two LGAs – Blacktown City Council and The Hills Shire Council) is home to half a million people (495,205) and is one of Sydney’s primary population growth corridors. Over the past decade, the population of the North West has increased by 89,837 people, growing at a rate of 22% over ten years.
The NSW Department of Planning and Environment projects that the area’s population will reach 1 million people by 2036 (812,250).
Macquarie Park, North Ryde and Parramatta are already huge business hubs, which are likely to see economic growth for years to come. With a shortage of rental options and exorbitant property prices in Sydney causing an extremely low number of first time buyers, buying to let in these areas yields fantastic returns on investment.
Major Developments
There are several major developments occurring in the greater Sydney area over the next few years, which stand to encourage economic growth and increase property value.
Construction started on Badgerys Creek Airport last month. With a $5.6 billion investment from the Federal Government, Sydney’s second international airport will create 11,000 jobs during construction and will support 28,000 direct and indirect jobs five years after it opens in 2026.
And with a new light rail connecting the airport to Parramatta, properties are likely to increase in value and the demand for short and long-term rental accommodation will also increase.
Conclusion
The Northwest and Hills area is enjoying an exciting period of development and economic growth, which is set to continue for several years. Developments to roads, rail and infrastructure are connecting its suburbs to other busy hubs and suburbs, which make it the ideal location for commuters. Meanwhile, major construction and commercial projects in its main hubs itself are creating jobs and increasing the population, which is creating a serious demand for housing.
Choosing an apartment as your investment property in this part of Sydney is therefore a no-brainer. With serious buying to let potential and significant value increases forecast for the coming years, there is no better time to look at our new developments for sale.