Western Sydney to receive new airport
A new airport in Western Sydney may encourage home buying in the area, particularly since mortgage rates are still low.
The government confirmed in an April 15 statement that Badgerys Creek will be the location for a new airport in the New South Wales capital in order to meet demand that Kingsford-Smith Airport will not be able to cover in years to come.
Minister for Infrastructure and Regional Development Warren Truss explained that airports employ a greater number of workers during operation than construction, making them a strong contributor to the local economy in the long term.
The creation of long-term jobs creates ideal conditions for purchasing an investment property in Western Sydney, with a potentially wider pool of potential tenants looking to secure a rental property in an area that offers plenty of jobs.
Western Sydney's airport is expected to provide 35,000 jobs by 2035. This figure will increase to 60,000 jobs "over time", stated Mr Truss.
He continued: "By 2060, the new airport has the potential to drive an increase in Australian gross domestic product (GDP) of almost $24 billion."
Mr Truss also pointed to population growth in Western Sydney as another deciding factor in the location of the new airport.
It's expected that in the next 20 years, the population in the region will soar from two million to three million individuals.
Population increases spell good news for those with investment property, as increases put pressure on existing housing stock.
The whole of the Greater Sydney area had a population of 4.76 million people as of June 2013, according to Australian Bureau of Statistics figures released on April 4.
Greater Sydney has a much higher population density than the remainder of New South Wales, highlighting the importance of quality housing alongside strong infrastructure and job creation, such as the new airport development.