Plans to add up to 60,000 apartments in a key Sydney corridor could mean a real estate bonanza, with one real estate director already talking expansion.
The NSW government has forecast that the redevelopment of Parramatta Road will attract another 50,000 residents to the corridor by 2031 and up to 60,000 more apartments by 2050.
Agencies in the area are forward planning for the explosion in activity in an already heated market.
Strathfield Partners managing director Robert Pignataro said he would be forced to expand his team, which already includes 43 sales staff.
Mr Pignataro also told Real Estate Business that he would probably have to open a second office.
“I never contemplated franchising or opening a second office, because I always wanted to have control of one main office,” he said. But it would appear that I would need to go out and open another office in a different location where the activity is all happening.”
Mr Pignataro said the state government’s plans to redevelop the Parramatta Road corridor would further boost a part of western Sydney that was already booming.
“You would have to rethink your boundaries, because with that kind of development and activity, it opens up whole new ventures,” he said.
Devine Real Estate director Steven Devine, who has operated in the area for 29 years, said the redevelopment would mean more properties to sell and manage for his firm.
He also said it would add further heat to an already strong market, in which property prices had risen by an estimated 130 per cent in the past decade.
However, Mr Devine said the increased selling prices had come at a cost, with business now more competitive and clients more demanding.
Georges Ellis & Co director Sam Georges said new infrastructure was desperately needed for the Parramatta Road corridor, because the area was under strain.
He also said the area’s demographics would continue to evolve, with quarter-acre blocks disappearing and more foreign buyers acquiring investment properties.
Mr Georges, who has worked in the Strathfield area for 42 years, said strong price growth over the past decade had resulted in some bumper sales.
“We’ve had sales in Strathfield around the $6 million mark and even better recently,” he said. “Just recently, we had one that went for $3.6 million – it’s an older-style home but on a good-sized block of 1,500 square metres.
“We had one early this year that we sold on the quiet side for $6.8 million in one of Strathfield’s most prestigious addresses.”