Sydney buyers rejoice

Sydney buyers rejoice

Competitive mortgage interest rates make obtaining property an even sweeter proposition alongside the news that land in Western Sydney is set to be released and rezoned.

The announcement is sure to please those looking to upgrade from their existing living situation as it means the opening up of homeownership opportunities.

With pressure on the city from a growing population, the announcement of more land being up for grabs will relieve couples and families looking to climb up the property ladder.

The not-so-wild west

Since 2011, 100,000 homes have been built in Western Sydney, according to a June 7 government statement. Further land will ensure properties continue to pop up in this popular area of the New South Wales capital.

"In Western Sydney there is a massive housing boom occurring and the unlocking of up to 6,600 new housing lots at three sites will boost housing supply and make homes more affordable," NSW Premier and Minister for Western Sydney Mike Baird said on June 7 at The Ponds in north-west Sydney.

Mr Baird made the announcement in conjunction with Treasurer Andrew Constance and Minister for Planning Pru Goward.

There are plenty of benefits to living in the west, according to Mr Baird.

"We are seeing fields in Western Sydney transformed into vibrant new suburbs, which in addition to boosting housing supply is also creating thousands of jobs for tradies and builders."

What areas are being rezoned?

Several sites will be rezoned or released in Western Sydney, including Ashlar, Blacktown, Marsden Park, North Redbank and Richmond.

"Western Sydney is the powerhouse of Sydney's housing recovery - with more than a third of the 100,000 new homes delivered built in suburbs like The Ponds, Oran Park and Pemulwuy," Mr Baird said.

Housing Industry Association Acting Executive Director for NSW, Sulfianda Soeleiman, welcomed the decision, saying it has come at a "critical time" for buyers in the state.

Image credit: ancient history

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