27.5% of all new residential subdivision approvals across Sydney’s Greenfield release areas were approved in Penrith over the last year.
Figures released under the Sydney Metropolitan Development Program Monitor show a total of 1,161 approvals for future residential dwellings were approved in Penrith between May 2011 and May 2012.
This represents 27.5% of Sydney’s total new Greenfield release area lots released over the period (Sydney’s total was 4,224).
With an average Penrith household size of 2.9, these figures will lead to 3,367 new residents in Penrith when construction of dwellings is completed – predicted over the next 18 – 24 months.
This will build on Penrith recent population growth spurt of 6,300 new residents recorded between the most recent Census periods (2006 – 2011). 671 of these new DAs for residential subdivisions were located at Jordan Springs (by Lend Lease), and 346 at Caddens Rd (by Landcom).
“These are real plans for more detached dwellings that will see Penrith sustain its recent impressive rate of growth”, said the CEO of the PBA, Bijai Kumar.
“Lend Lease has achieved sales in excess of $125million at Jordan Springs in just over 2 years with 85% of the first stage either occupied or under construction”, said Arthur Ilias, Project Director.
“We have also secured settlement for key retail and commercial sites, demonstrating the confidence in our new community and the Penrith Region. This investment has fast tracked the planned delivery of key facilities and services, with local shopping, dining, medical and childcare services expected to be open within the next 18 months.”
While 27.5% of Sydney’s approved new green field lots will occur in Penrith, less than 1% of Sydney’s multi unit dwellings were approved in Penrith over the same period.
For example, only 105 of Sydney’s 13,729 multi unit approvals between May 2011 and 2012 occurred in Penrith.
Obviously, Penrith offers more space for young families, and green field opportunities to live and work.
Bijai Kumar added, “These figures demonstrate the strength of Penrith and the ‘New West’ as a place where families can get an affordable start with proximity to good lifestyle opportunities”.