Known for its vibrant multicultural community, population growth and rapid infrastructure development, the region has become increasingly attractive to homebuyers, investors and businesses alike.
Castle Group last week attended the Property Council’s Western Sydney Outlook event where we heard about the significant opportunities presented by government infrastructure investments and leading up to the Federal election later this year, we can expect to hear more promises for the region.
What are we seeing on the ground?
Castle Group Managing Director, Ritchie Perera said, “The biggest news for Western Sydney was last week’s RBA decision to cut interest rates by 0.25%. There are strong signs that we should see interest rates come down further this
year.
“For Castle Group, the interest rate cut reduces our costs for financing projects. This stokes our appetite to grow our already sizable residential project pipeline,” Mr Perera said.
Mr Perera added that for local homebuyers and property investors, the interest rate cut boosts their buying power. For example – a couple earning average wages can borrow an extra $23,100 and save $162 per month on repayments for a $1 million loan.
This will intensify the already strong demand Castle Group is seeing for housing in growth areas of Western Sydney, which are seen as more affordable options to the inner suburbs of Sydney.
“In just one week we’ve seen buyer enquiries increase by more than 30 percent,” Mr Perera said.
“Customers are looking for properties that are within their tight budget, have modern amenities, and strong growth potential. Western Sydney suburbs, like Austral and Leppington, are attractive because they’re family-friendly and there’s a lot of infrastructure coming soon,” he added.
As we heard at the Property Council event, the key challenges for Castle Group and the region will be ensuring governments stick to their infrastructure commitments and deliver those projects on time, so that our buyers can have confidence when purchasing their dream home.
