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Opportunities for real estate in Sydney are opening up after the city's newest suburb is fast approaching its completion date.
Bunya, located near Parramatta in Western Sydney, is almost three years ahead of schedule, according to NSW Minister for Planning and Infrastructure Brad Hazzard. As a result, housing supply in the Western Sydney region could be set to increase sooner than originally planned, giving home buyers and investors of residential real estate more opportunities to secure property.
The new suburb was planned in order to provide accommodation for the predicted population increase that Sydney is due to see in coming years. Once completed, the suburb of Bunya will become home to more than 3,000 Sydneysiders.
Bunya gained a six-star environmental rating in its master plan and housing design and is conveniently located a few hundred metres away from the Doonside train station and other amenities.
"It's boom time in Bunya in Western Sydney as up to 800 families build their new homes, and it's great to see that one in three families are first home buyers," said Mr Hazzard in a February 10 statement.
"New Western Sydney housing is selling like hotcakes and Bunya is leading the charge."
According to Mr Hazzard, over 650 of the 800 lots have already sold, which demonstrates the demand for residential properties in the area.
Growth for Sydney
It's not just development in Bunya that has helped to boost activity in Sydney. In fact, housing approvals and construction have been high in the whole Sydney area.
Mr Hazzard noted that the NSW government is currently "approving the equivalent of a new Bunya every week in Sydney". Approvals have been so strong throughout the final months of 2013 that Mr Hazzard said he expects this year will be the "strongest year of housing approvals in Sydney since 1973".
Along with high construction and approvals for residential dwellings, the state of New South Wales has been a leader in the way of job growth. Over the month of January, the state saw a rise of 8,400 jobs, according to figures released from the Australian Bureau of Statistics (ABS). As a result, job growth could directly affect the number of people moving to NSW, creating the need for more housing.
"While employment fell by 3,700 jobs nationally, we were able to add 8,400 jobs in NSW, more than were created in any other state," said NSW Treasurer Mike Baird in a February 14 statement.
