New Sydney suburb fast tracked for completion
Now could be the perfect time to consider purchasing investment property in Sydney's new ...
Now could be the perfect time to consider purchasing investment property in Sydney's new suburb, as Bunya (official name Bungarribee) is set to be completed nearly three years ahead of schedule following backing from the state government.
Minister for Planning and Infrastructure Brad Hazzard said the New South Wales government was dedicated to boosting the supply of housing options in the state capital.
The Western Sydney suburb will see upwards of 800 new families housed in the region, with one in three of these buyers reportedly being a first home buyer. Mr Hazzard said the development would see properties and lots "selling like hotcakes", with Bunya leading the charge for the western area.
"Recent housing figures show over 16,700 new homes were approved in Sydney (July-November) which indicates we are on track to have the strongest year of housing approvals in Sydney since 1973," said Mr Hazzard in a February 10 statement.
The 55 hectare development is located at the former Overseas Telecommunication area at Doonside, and is located 0.8 kilometres from the Doonside train station, 1.2 kilometres from the local shopping centre and within close proximity to the M4 and M7.
"Over 650 lots of the 820 have sold in under three years and demand for the remaining 170 lots is hotter than ever, with future residents visiting the sales office daily," said Mr Hazzard.
Overall, the new region will be home to more than 3,000 new residents and a community that fully reflects the diverse and multicultural character of Sydney and New South Wales in general. House and land prices ranged from around $525,000 for a 400 square metre lot up to $630,000 for a 600 square metre lot.
The housing area overlooks the Western Sydney Parklands and boasts a six-star environmental rating, making it the perfect destination for those with sustainability and cleaner, greener living at the heart of their property goals.
With the increasing strength of the Sydney real estate market in the face of the expected population boom, this could provide a great opportunity for potential investment in an up-and-coming property hotspot in the near future.
Mr Hazzard went on to say the new government was helping to stimulate the growth of the state's real estate industry, with a climbing number of dwelling approvals leading to the equivalent of Bunya being approved every week in the New South Wales capital.
"In three years of the Liberal National Government we have seen over 77,000 new homes approved in Sydney," said Mr Hazzard.