NSW population statistics have vindicated one broker’s decision to open a business in the boom suburb of Liverpool.
The NSW Department of Planning and Infrastructure has forecast that Liverpool’s population will grow 56 per cent by 2031.
Yellow Brick Road principal Simon Ftelianos said he had opened a franchise in the outer west of Sydney because it was a growth area.
“I know the Liverpool area is going to get a lot of growth, so that’s why I positioned the branch there - because it’s a long-term thing,” he said.
“People are moving out where they can afford and they can still have a quality of life. You don’t want to be drowning in a mortgage.”
As well as his Liverpool business, Mr Ftelianos co-owns a Yellow Brick Road franchise in Dulwich Hill, 25 kilometres closer to the city centre.
Maitland, 160 kilometres north of Sydney, is also rapidly expanding, with the population forecast to increase 42 per cent by 2031.
Appletree Mortgage Corporation’s managing director, Gary Lee, said he expected the increase will translate into more business, despite the competitive nature of the Maitland market.
“It should lead to new home loans and new business loans, and rewriting of existing loans,” he said.
“The people I’m doing home loans for today will be selling their homes and the people who are moving into the area will be buying from the present incumbents.”
However, MIA Financial Services director Mary Gonzo was surprised to learn that Griffith’s population was forecast to fall 20 per cent by 2031.
She said she had lived in the central NSW town all her life and that anecdotal evidence suggested Griffith was on track for marginal population growth.
Ms Gonzo said the population decline would affect her four-staff business if it turned out to be true.
“Obviously, fewer young people in the workforce, of course that’s going to affect us, which means instead of increasing staff I’d be letting staff go,” she told Residential Property Manager.
“If we know it’s coming, the only thing we can do is advise staff that if something comes up, they need to take it. You can’t really plan because in my business, you’ve either got the people here or you haven’t.”