Oran Park earmarked as an affordable Sydney locality: Savills

Oran Park earmarked as an affordable Sydney locality: Savills
Oran Park earmarked as an affordable Sydney locality: Savills

Earmarked as a growth hotspot, Oran Park offers an affordable, new community, according to Savills’ latest report.

Across Oran Park, the median house and land price is currently $766k, offering a 28.3 percent discount compared to the average across Sydney.

It noted the median price for a vacant land site is $400,000.

“Prices have increased significantly since the first homes were sold in 2010," Savills head of research Sophie Chick noted.

“Over the past five years, the median price has increased by 67 percent and 71 percent for a house and land package and a vacant land site respectively.

“As well as appealing to purchasers as their primary residence, Oran Park attracts a number of investors.

“This provides rental accommodation for families looking for more space as well as residents currently building their home in the area.

“The median weekly rent for a house in Oran Park is $570 resulting in an average yield of 4.0%.

“This is higher than the Sydney average of 3.2 percent and as such, attracts property investors looking for higher income returns,” the report stated.

A four bedroom house at 48 Thorpe Circuit, Oran Park (above) is available for rent for $580 per week.

Similarly a four bedroom house at 9 Hansford Street, Oran Park (below) is available for rent for $550 per week.

Oran Park earmarked as an affordable Sydney locality: Savills

One third of residents in Oran Park are employed locally according to Savills.

“Across the Local Government Area of Camden, families with children account for nearly 60% of the residents.

“Growing families are attracted to the area due to the space and value on offer in comparison to other areas in Sydney as well as the community environment, which Oran Park is creating.

“Camden residents work in a range of locations.

“One third of residents are employed locally and a further third commute to neighbouring Campbelltown and Liverpool.

“Sydney CBD is the next largest employment region with 6.4% of Camden residents making the commute,” the report commented.

Savills head of research Sophie Chick says that development for Oran Park is forecasted to continue.

“The development activity in Oran Park is forecast to continue as the new town is formed and a community is created.

“Over the next ten years, the population is expected to more than quadruple in size to 21,500 people living in 7,500 homes.

“In addition to the ongoing residential development, the plans for Oran Park consist of 18 hectares of employment land, including a town centre and open space.

“Collectively, this is likely to increase the desirability of the area for existing and new residents as well as creating local jobs.

“As a suburb within the Government’s South West Priority Growth Area, Oran Park is part of a wider plan to improve housing availability, infrastructure and employment opportunities across the area.”

For more information go to Savills' home page.

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