Across Australia, there are consistent themes as to what drives choice of where and how people live. A great lifestyle, available jobs and housing affordability are all driving these choices. There’s generally a strong preference for the traditional, large family home, however increasingly people are making trade-offs and putting lifestyle ahead of space, to ensure they’re making the best purchase that suits the way they live.
Proximity to transport, shopping, cafes, education, and parks is important to weigh up and think about what you will need now and into the future. Generally, properties that are close to amenities such as these make for better investments long term.
Blacktown is located in the rapidly growing Western Sydney Growth Corridor and is well serviced by public transport, infrastructure and amenity. Residents having direct access to a regional shopping centre, hospitals, education institutions and major employment hubs. It is home to an increasingly affluent and educated population with average household income growing at a rate of 3.9% for the last 10 years.
The increasing pool of more affluent renters in the Blacktown Area is supporting a strong rental market that is recording rental growth of 3.4% per annum and a strong rental yield of 3.3%.
Infrastructure investment in the region will improve amenity to residents and generate new employment. The redevelopment of Blacktown Hospital will add a significant amount of new facilities and contribute to the high job growth expected in the sector. The Western Sydney Airport will connect Western Sydney to global economies and further support job creation. In addition, the new ACU campus in the Blacktown CBD will increase access to education and create jobs.
Despite the strong access to infrastructure, jobs and amenity in Blacktown, the residential market is relatively affordable as evidenced by two bedroom homes in Fairwater priced cheaper than two-bedroom apartments in nearby centres.
Source: Urbis Market Outlook Blacktown July 2019
First home buyers. Have you considered Rentvesting?
Rentvesting is the term for renting where you want to live and purchasing an investment property where you can afford to buy. This is becoming increasingly popular with first home buyers, especially in Sydney and Melbourne where suburbs close to the CBD are priced out of reach for many. It allows you to continue living the lifestyle you love, while still getting onto the property ladder.
If you buy with a long-term view, usually you can benefit from capital growth in your investment which then gives you a significant edge once you reach retirement age. You’re probably not thinking that far ahead, but it’s worth taking it into consideration.