Penrith property market tipped for growth
As house prices continue to surge across Sydney, a growing number of home buyers are competing to find real estate that combines affordability with amenity.
Penrith, in Sydney’s west, is one market that has emerged in recent years as an exciting location for families looking for relatively affordable Sydney property, with lifestyle upside.
Penrith’s changing profile
Situated to the west of metropolitan Sydney at the foot of the Blue Mountains, Penrith once possessed a country town charm.
While the laid-back charm of the area remains, numerous new developments are helping boost its allure for families keen to get a foothold in the competitive Sydney housing market.
Indeed, in a sign of the area’s burgeoning growth, some $136.2 million worth of new residential and mixed-use construction began in the Penrith City Council area in the second half of 2016, according to PRDnationwide’s latest Property Watch report.
Exciting developments in the area include Caddens Hills, which comprises 540 new homes to be constructed close to Penrith, on a 28.5 hectare site purchased by Legacy Property.
In addition to the slew of new developments, Penrith has also benefited from proximity to a growing number of world-class amenities. These include the Nepean Health Precinct, Western Sydney University, Penrith City Centre and the planned Western Sydney Airport site.
The attractiveness of the region is likely to be boosted further by the state government’s $10 billion WestConnex motorway project, due for completion in 2019. The 33-kilometre road is tipped to accelerate jobs growth in western Sydney, including Penrith, and cut travel time to the CBD.
Amenity with affordability
While house prices in Penrith have experienced significant growth in recent years, the region still represents an affordable option for Sydney house hunters relative to other parts of the city.
Penrith’s median house price currently stands at $700,000 compared to the Sydney-wide median of $1.1 million, according to domain.com.au.
Similarly, while the median unit price is on the cusp of hitting a record-breaking $700,000 Sydney-wide, apartments in Penrith currently average around $450,000.
Local real estate agents predict house price growth in the area to remain strong through 2017 due to a mix of first-home buyer and investor demand.