Property values in Sydney’s west and Bowral set to take-off with Sydney’s second airport
Media release - 15th April 2014
The announcement of a long overdue second Sydney airport at Badgerys Creek will not only prove a boon for real estate values in Western Sydney but the goodwill should extend to towns such as Mittagong, Bowral and even Goulburn, according to Angus Raine, CEO, Raine & Horne.
“This is an historic announcement that is set to deliver 60,000 new jobs to western Sydney, which will result in more demand for existing and new housing,” said Mr Raine.
John Hana, Principal of Raine & Horne Green Valley says that the surge in jobs for western Sydney will underpin real estate values between now and the expected start of the airport’s initial construction phase in 2016.
“In the past, the lead up to the construction of a major infrastructure project such as a major new motorway or train line will see real estate values increase as buyers move to get in early,” said Mr Hana, who expects values to rise by between 5 and 7 percent over the next two years as a consequence of the announcement.
“With the speculation that this announcement was imminent we’ve already been fielding enquiries from buyers looking to snap up property in Green Valley and surrounding suburbs.”
Vince Labbozzetta, Co-Principal of Raine & Horne Liverpool is also thrilled the second airport at Badgerys Creek has finally been given the green light by the Federal Government.
“It’s been a long time coming and this announcement is set to jet-propel the Liverpool economy and create plenty of jobs in construction and ancillary industries,” said Mr Labbozzetta.
“This activity will prove a boost for the property market and capital growth of between 5 and 10 percent annually will be achievable between now and the beginning of the construction phase.”
The construction of a second airport at Badgerys Creek will underpin the investment market as its fair to expect demand for rental homes will also boom, according to Mr Labbozzetta.
“We already have low rental vacancy rates in Liverpool. This announcement will squeeze vacancies further and push up rents by up to $50 to $100 a week as more construction workers move to the region.”
The second Sydney airport will also have an impact on the Southern Highlands, according to Matthew Anstee, Principal of Raine & Horne Bowral.
“The second airport at Badgerys Creek will give people living in the Southern Highlands much needed access to a modern international airport,” said Mr Anstee, who predicts that the new airport will potentially grow capital values in Bowral by a few percentage points in the five years after the first phase of the airport is completed.
“It’s also fair to expect that given Bowral will be only 30 minutes to the Badgerys Creek Airport, the town will start to work for more international and corporate buyers.”
A second airport at Badgerys Creek will also have a major impact on demand for commercial, office and industrial space, according to Angus Raine, as logistics and transport firms look to set up shop in precincts within easy access to the new airport.
For further media information contact:
Angus Raine, Executive Chairman and CEO of Raine & Horne on 0409 920 697
Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400