Kellyville among Sydney's top new home suburbs: HIA

Greater western Sydney has - not surprisingly - emerged as a hotspot for population and building growth, according to the latest Housing Industry Association (HIA) report.

Three out of the top five statistical areas on the NSW building and population hotspot list were located in greater western Sydney. Parklea-Kellyville Ridge and Homebush Bay-Silverwater were the top two areas in New South Wales in terms of population growth, with Parklea-Kellyville growing by 10.2% and Homebush Bay-Silverwater by 9%.

Both suburbs were also amongst the national top 20 building and population hotspots, in positions thirteen and eighteen respectively.

Kellyville was fifth on the NSW list, citing population growth of 3.1%.

Property Observer reported in January this year that western Sydney has been attracting investor attention, largely due to affordable housing especially in comparison to inner Sydney, new residential developments, as well as businesses moving into the area.

Douglas Driscoll, CEO of Starr Partners, expects the western Sydney market to get stronger with new suburbs and shopping districts appearing, businesses establishing and settling in the area, transport connections improving and large master-planned residential developments are appearing. “No other area in Sydney is seeing that amount of change so quickly,” he said in January.

Western Sydney also registered the highest sales activity in New South Wales in 2012, as reported by Property Observer in March this year.

Simon Pressley also highlighted western Sydney’s investor potential in Property Observer in April this year. He mentioned western Sydney’s dense population and diverse demographic may influence property values.

The Parklea-Kellyville Ridge statistical area saw the largest and fastest growth in the state, with an increase of 2300 residents according to the Australian Bureau of Statistics (ABS). The value of residential building work approved was $182.1 million.

Parklea-Kellyville Ridge is located approximately 40 kilometres north-west of the Sydney CBD. According to the latest census report, the median age of people in the area was 31 years, with children aged 0-14 years making up 27.7% of the population. This indicates that young families populate the area.

Some 57% of residents in the Parklea-Kellyville Ridge area were born in Australia. 9.1% of the population have an Indian background, while 6.1% of the population have a Filipino background. In addition to English, languages spoken at home included Hindi, Punjabi, Tagalog, Filipino, and Arabic, indicating Parklea-Kellyville Ridge is a culturally diverse area.

According to the latest RP Data report, the median house price in Parklea currently stands at $549,500, up 0.5% on last year. The average discount required to sell a house is 5.1%, while private treaty sales average 57 days on market. The median asking rent for houses is $550, while average rental yield stands at 5.2%.

The median unit price in Parklea currently stands at $390,000. The median asking rent for units is $470, and average rental yield currently stands at 6.2%.

The median house price in Kellyville Ridge currently stands at $610,000, up 3% on last year, according to the latest RP Data report. The average discount required to sell a house is 5.2%, while private treaty sales average 85 days on market. The median asking rent for a house is currently $600, with an average rental yield of 5.1%.

The median unit price in Kellyville Ridge is currently $422,500, up 6.8% on last year. The median asking rent for a unit is currently $420, with an average rental yield of 5.2%.

The Homebush Bay-Silverwater statistical area saw an additional 1100 residents in 2011-2012, according to the ABS. The value of residential building work approved in the area was $276.4 million.

Homebush Bay-Silverwater is located approximately 16 kilometres west of the Sydney CBD. According to the latest census report, the median age of people in the area was 33 years, with children aged 0-14 years making up 17.2% of the population.

Homebush Bay-Silverwater is home to people of various backgrounds, with 47% of Australian-born residents making up the population. 8.5% of the population have a South Korean background, and 6.1% of the population have a Chinese background, indicating that Homebush Bay-Silverwater is a culturally diverse area as well.

According to the latest RP Data report, the median house price in Silverwater currently stands at $540,000, up 3.8% on last year. The average discount required to sell a house is 5.8%, while private treaty sales average 52 days on market. The median asking rent for houses is $420 a week, while average rental yield stands at 4.0%.

The median unit price is Silverwater currently stands at $410,000, down 8.9% on last year. The average discount required to sell a unit is 9.0%, while units average 112 days on market. The median asking rent for unit is $490 a week, while average rental yield stands at 6.2%.

The Kellyville area saw population growth of 3.1%, and the value of residential building work approved in the area was $208.1 million.

Kellyville is located approximately 36 kilometres north-west of the Sydney CBD. According to the latest census report, the median age of people in the area was 34 years, with children aged 0-14 making up 25.4% of the population, indicating the area is home to a number of young families.

While majority (63.6%) of Kellyville residents are born in Australia, it is also home to a number of residents who were born in England (3.7%), India (3.0%), South Africa (2.3%), Philippines (2.3%), and Sri Lanka (1.8%). 35.4% of households in Kellyville also report speaking two or more languages at home, according to data from the ABS.

According to the latest RP Data report, the median house price in Kellyville currently stands at $680,500, up 4.7% on last year. The average discount required to sell a house is 6.0%, and private treaty sales average 78 days on market. The median asking rent for houses is $620 a week, while the average rental yield is 4.7%.

The median unit price in Kellyville currently stands at $547,500, up 2.3% on last year. The average discount required to sell a unit is 2.6%, while private treaty sales average 70 days on market. The median asking rent for unit is $550 a week, while the average rental yield is 5.2%.