Mass growth of greater Western Sydney sees $3-4 million suburbs

Multimillion-dollar homes are becoming the norm in parts of Western Sydney, with 19 suburbs recording median house prices over $2m. Find out what your home is now worth

Tim and Samantha Randall with their children Michael -7 and Isabelle -4. They are selling their St Clair home and moving to Lake Macquarie. Picture: John Appleyard

Multimillion-dollar homes are becoming the norm in parts of Western Sydney, with 19 suburbs recording median house prices over $2m.

The bumper prices have followed significant investment in infrastructure, including the new Western Sydney airport, Motorway 12 and Sydney Metro West, which has driven huge price growth across the region.

According to exclusive PropTrack valuation data, the suburbs of Rossmore and Kemps Creek, near the site of the coming airport, are now the most expensive suburbs across the Greater Western Sydney region.

An artist's impression of how the new business park gateway around Western Sydney Airport could look. Images: supplied

Median house prices in both suburbs have tipped over the $4m mark, while the nearby suburbs of Bringelly and Orchard Hills had medians above $3m.

Other western suburbs where house prices averaged over $3m included Horsley Park, in the southwest, and Kenthurst in the northwest.

A further 13 suburbs across Greater Western Sydney had median house prices over $2m, according to the PropTrack data.

PropTrack economist Angus Moore said infrastructure improvements were making parts of the west more popular to live in.

This appeal was strengthened with housing at much lower price points than in many eastern suburbs, allowing for better value for money, despite the recent price rises and interest rate hikes, Mr Moore said.

19 suburbs across greater Western Sydney are now worth more than $2m. Picture: Gaye Gerard

MORE

Rich spent over $1b on 15 homes this year

How lift boss got $400k a year for home of 31 years

Maroons legend’s hush NSW deal

“The prices across Western Sydney are holding up well and there’s been positive growth,” Mr Moore said.

Western Sydney residents have reaped the rewards.

Tim and Samantha Randall sold their St Clair home in June after just five days on the market, and more than doubled the price they paid back in 2011.

“We were surprised it sold so quickly,” Mr Randall said.

The firefighter said selling to move to the Lake Macquarie area was “nerve-racking” due to the unknown around interest rates. The couple had lived in the house for 12 years and never thought it would be worth more than $900,000. Instead they sold it for $953,000.

Tim and Samantha Randall with their children Michael (7) and Isabelle (4). Picture: John Appleyard

The couple’s home on 80 Explorers Way sold after four days on the market.

“I remember my dad saying property values double over 10 years,” Mr Randall said.

“At the time, it was hard to fathom. We were lucky we chose to get into the market early.”

He said they had seen huge growth across the Western Suburbs over the years.

“It’s taken a while but the last three to for years has gone crazy,” he said. “Working opportunities are massive.”

Hotspotting managing director Terry Ryder said Western Sydney was now one of Australia’s biggest and strongest economies.

“It’s been evolving that way for a number of years and it’s got a significant extra impetus from the new airport and in particular the commercial/industrial precinct and other factors that will be around it,” he said.

Leading property expert Terry Ryder from Hotspotting.

MORE

Alan Joyce’s unused mansion has $20m guide

Renters pay $100pw premium to live in Sydney

Feuding hotel family sell luxe home for $36m

“The impact of that on residential property is people want to live close to where they work.”

Mr Ryder said the region already had “huge employment zones and industrial complexes, big warehousing and logistics businesses, university campuses, hospitals”.

“This airport just adds a huge element to that,” he said.

“The last 12 months has seen double digit annual growth in median house prices with some suburbs going from a median price of $600,000 to over $800,000.

A home in Delaware Rd, Horsley Park sold for $3.4m in April.

“A number of those suburbs have more than 200 house sales in a typical year, Blacktown has over 400 houses sold in a year.”

Mr Ryder said the Western Sydney Aerotropolis was being built as a commercial/industrial precinct around the new airport with individual projects valued at $500m to $1b.

He said it provided more evidence that the “old misconception that you’ve got to be close to the CBD to be worth anything” was no longer valid.

Local agent Peter Diamantidis, principal of Ray White Diamantidis Group, said the latest growth across the region was bolstered by low stock and the increasing number of buyers.

However he said the airport was the biggest factor around the major growth areas with suburbs such as St Clair and St Marys going “gangbusters”.

“The median price in St Marys is around $800,000 but we are starting to see sales around $900,000 and $1m,” Mr Diamantidis said.

He said St Marys, which will link to the airport via rail, was emerging as a “major hub” and transport interchange.

However he said market conditions would allow down at some point in the next year with the full impact of increasing interest rates yet to be felt.

Originally published as Mass growth of greater Western Sydney sees $3-4 million suburbs