There is no doubt the Australian property market is navigating a period of considerable change. Interest rates remain elevated, cost-of-living pressures continue to affect household budgets, and recent Federal Government changes to negative gearing and Capital Gains Tax have created uncertainty for many property investors.
Add to this a softer national property market and it is understandable that some buyers are choosing to sit on the sidelines.
However, from where I sit as a mortgage broker working with clients across western Sydney, I believe there is another side to the story – one that is worth paying attention to.
Western Sydney has begun a period of enormous transformation.
The opening of Western Sydney International Airport at the end of October will be a major economic milestone for our region, creating jobs, attracting businesses and strengthening western Sydney’s position as an important commercial and employment hub.
At the same time, billions of dollars are being invested in roads, transport and supporting infrastructure. The M12 Motorway recently opened, while the Sydney Metro – Western Sydney Airport project is progressing and will connect St Marys through the airport precinct and Bradfield.
Infrastructure of this scale doesn’t happen overnight, but its long-term impact can be significant.
For homeowners, first-home buyers, investors and business owners, this creates opportunities – although the right opportunity will be different for everyone.
My message is simple: don’t let uncertainty create paralysis.
Do your homework, understand your borrowing position, seek professional advice and keep your eyes open. Markets change, policies change and circumstances change.