How will the new Airport impact property prices?
The construction of the new Badgery’s Creek International Airport in Western Sydney is a highly anticipated project that is expected to bring significant economic benefits to the region. The airport, which is located approximately 50 kilometers west of the Sydney CBD, is set to open in 2026 and is expected to create thousands of jobs and drive an increase in tourism.
One question that many people in the Liverpool area have is how the new airport will affect property prices. While it is difficult to predict the exact impact, it is likely that the airport will have a positive effect on property values in the surrounding areas.
The demand for housing from workers at the airport and the influx of visitors to the region are expected to drive up property prices in the Liverpool area. According to a report by the Western Sydney Airport Corporation, the airport is expected to generate around 60,000 direct and indirect jobs during the construction phase, with a further 28,000 jobs once the airport is operational. These jobs will attract a large number of workers to the area, increasing the demand for housing.
The airport is also expected to attract an increase in visitors to the region, particularly international tourists. The Western Sydney Airport Corporation estimates that the airport will welcome around 8 million international visitors in its first year of operation, rising to around 10 million visitors per year within the first decade. These visitors will need somewhere to stay, and the increased demand for accommodation is likely to drive up property prices in the Liverpool area.
There are already signs that the anticipation of the airport’s opening is driving up property prices in the Liverpool area. According to data from the Real Estate Institute of New South Wales, the median house price in Liverpool has increased by 9.3% in the past year, compared to a 5.7% increase in the wider Sydney region. This suggests that the market is responding positively to the news of the new airport.
It is worth noting, however, that the impact of the airport on property prices will depend on a number of factors, including the state of the overall property market and the specific location of the property within the Liverpool area. Some areas may see a larger increase in demand and prices than others.
For example, properties that are located close to the airport or have good transport links to the airport are likely to be more in demand and therefore command higher prices. On the other hand, properties that are located further from the airport or have less convenient transport links may see less of an impact on prices.
If you are considering buying or selling a property in the Liverpool area, it is a good idea to do your own research and seek advice from a real estate professional. They will be able to provide you with more information on the likely impact of the airport on property prices in the area and help you make an informed decision.
It is also worth considering the long-term prospects for the Liverpool area. The new airport is expected to drive economic growth in the region and may attract new businesses and development. This could lead to further increases in property prices in the future.
In conclusion, the new Badgery’s Creek International Airport is expected to have a positive impact on property prices in the Liverpool area. The demand for housing from workers at the airport and the influx of visitors to the region are likely to drive up prices in the short-term, and the long-term prospects for the region are positive. If you are considering buying or selling a property in the Liverpool area, it is a good idea to seek advice from a real estate professional and do your own research to make an informed decision.
Please contact me if I can be of assistance regarding real estate opportunities to buy or if you are interested in selling the area.
BJ 0422 333 333
