Values of property in St Marys took off within days of the announcement of Badgerys Creek as the site of the western Sydney airport.
Expected to generate over 30,000 jobs by 2060, the western Sydney airport will be just 19 minutes from St Marys.
Raine & Horne St Marys recorded immediate increases between five and 10 per cent on all residential categories including housing, apartments and vacant land in the wake of the airport announcement.
Infrastructure investment including the $3.6 billion from State and Federal Governments for road upgrades in the area already has and will continue to have a huge impact on the area.
“Given the massive infrastructure investment to roads and railways, plus the western Sydney airport, which will transform St Marys and surrounding suburbs over the next decade, there is no reason why property values wont continue to grow at an average of almost eight per cent annually,” the real estate agency predicts.
Raine & Horne suggests that long-term capital growth could be considerably more than the current averages, when thousands more people move to the area to work.
The Sydney Science Park is expected to create 12,000 smart jobs, with a further 57,000 in the Western Sydney Employment Area over the next 30 years.
Even St Marys locals believe the airport will be a hit for real estate, including Lokesh Dodda, who travels to work at Sydney Airport.
He said real estate affordability combined with the long-term employment opportunities that will be offered by an airport in western Sydney give good reason to buy a home in the area.
“While St Marys affordability was the number one attraction for me, the potential to work closer to home in the future is something I can now look forward to,” he said.
“There’s no way I could afford to buy real estate close to my job at Sydney Airport, so the opportunity to secure a two-bedroom apartment in St Marys was too good to refuse.”
Raine & Horne St Marys has released a special report, with information on what the airport means to the local area. You can get a copy from their office.