Federal Budget to Help First Home Buyers Get on the Property Ladder
While there have been well publicised concerns surrounding housing affordability for Sydney buyers, the announcement in the federal budget to aid first home buyers to save a deposit via their superannuation has been welcomed.
Research completed by Ray White Commercial shows despite these measures the continued upward momentum of values particularly for house and land products; will see affordable housing continue to be a struggle as wage growth has not met these growing home prices.
“Affordable price points for many first-time buyers whose dream of a family home may still need to be put on hold, with a smaller apartment holding a more achievable first rung on the property ladder,” said Ray White Commercial Head of Research, Vanessa Rader.
Ray White Commercial NSW Associate Director, Scott Timbrell, said: “The Liverpool region is one area which has benefitted from a growing first home buyer group and is projected to be one of the fastest growing catchment areas of Sydney over the next 20 years.
“This region has already benefitted from a wide range of infrastructure initiatives including the extension of the South West Rail link to Leppington which is already being actively used by this growing population.”
Apartment development in the South West corridor outside of Liverpool CBD has been limited, however, a mixed-use development site (STCA) has been offered for sale by Ray White Commercial NSW’s Scott Timbrell and Nic George.
“This potentially will be the first DA approved unit site in Leppington in the heart of the south-western Sydney growth corridor,” Scott Timbrell said.
“A development application has been submitted for a mixed-use project on the Rickard Road site comprising eight ground floor retail tenancies and 220 apartments. The approximately 20,000 sqm site at 76 Rickard Road, Leppington, is being marketed via Expressions of Interest.”
Nic George said: “The Rickard Rd site is close to schools, the town centre and the new Leppington railway station. Leppington is in a great location with boundless energy and a bright future.
“Plans for the area also include a major town centre, new retail centres, a high school and primary schools, conservation areas as well as sports fields and parks.
“The suburb has easy access to the Camden Valley Way and the M5 and M7 motorways. The Metro South West Rail at Leppington will continue to connect residents to the Sydney CBD and other employment nodes. While looking ahead, this region will also provide easy access to the proposed new airport at Badgery’s Creek.”