< ...

A new buyer for Western Sydney

Buying Off The Plan

27 March 2019

Western Sydney is one of the fastest-growing populations in Australia and the country’s third-largest economy. The area’s population is expected to grow from 1.9m – 3m.

With the population boom well underway, the area represents huge development opportunities – but capitalising on that potential means catering to the right buyers.

In the past, almost everyone looking to buy in the West was from the local area. But with housing prices in metro areas exceeding the financial capacity of many buyers and the market softening, a new wave of buyers is migrating to the west at the promise of affordable and greatly improving lifestyle amenities. 

This new breed is affluent and well educated: think working professionals who recognise they can enjoy a better lifestyle and provide a better foundation for their families in the west. They understand the market and do their homework when it comes to buying, whether it’s as an investment or to occupy. Many buyers have an established investment portfolio and are willing to buy off-the-plan. They know the right questions to ask and will quickly pull you up if something doesn’t sit right.

Looking at our recent sales at Highline Westmead, for example,  only 40% of buyers came from the local area; whilst the majority of the remaining  60% of buyers came from the upper and lower north shore and the Hills District. These are savvy buyers who pay attention to the media and understand the growth implications of the Government’s $5.8 investment in the area. Forty percent of our sales have been investors; much higher than previous 

Despite the shift in the typical buyer profile, many developers are still offering a traditional cookie-cutter product that isn’t keeping up with what consumers want. Today, buyers in the west are looking for housing that offers unique appeal in strong growth areas with strong amenity and that they can put their personal stamp on. The leaders in the market recognise this demand and cater to it with innovative design, high-calibre outfitting and thoughtful execution.

This buyer needs a different marketing approach; to get them engaged and inspire them to buy. The message sent to both the market and buyer to generate their interest needs to be strategic, unique, straight to the point and informative. The platforms in which they use to receive/find content is also different to the traditional buyer including PR/print, ongoing presence e.g signage and online platforms. 

The Western Sydney boom presents enormous potential for developers – but only those that genuinely understand and cater to consumer demand will come out on top. 


Interested in discussing opportunities in Western Sydney? Feel free to get in touch with me directly at simon.hollows@cbre.com.au.

 

Simon Hollows

Director

simon.hollows@cbre.com.au


SHARE: