Why the new airport is the wind beneath conveyancers’ wings

THE new Western Sydney International airport is bolstering local property market activity amid a wider industry downturn denting demand for conveyancing.

Opened in October, the 11,000-hectare aerotropolis at Badgerys Creek includes a new motorway and rail stations. It is set to underpin a new urban hub, Bradfield City, which is expected to bring thousands of homes and businesses to the region.

§ Airport attracts buyers to suburbs like Austral

Ray White Fairfield principal Marcus Biasetto said the area’s transformation was already underway, with house hunters, attracted by the airport, buying up suburbs like Austral.

He said areas like Austral, located about 13 km from the airport, were luring people from other parts of Sydney who viewed the facility as having big upside.

“It's the confidence that precedes everything else,” Biasetto said.

He said the mindset of buyers near the airport was “like ‘alright well I’ve got money to spend. I want to spend it on property and I want to spend it in Sydney”.

“It's maybe just more of an attraction point that attracts the money first, which is often for investors,” he added.

§ Buying and selling tipped to pick up

He tipped buying and selling to pick up over the next 18 months as the airport become fully functional.

For industry players, like conveyancers, the area would likely be a bright spot in a slower market, the agent said.

“It can help buck the trend because it can add to the demand,” he said.

“I have found over the last two years even, like by nature, those newer estates do attract people from outside of the area. It's not just like local upsizers”.

The A$5.6 billion airport opened to passengers last month after more than a decade ​of planning. Passenger flights began after cargo services commenced in July.

Experts have previously told Australian Conveyancer that the airport is set to buoy local property prices due to rezonings, new transport links, and more employment.

§ Conveyancer hopes for higher transaction volumes

Fairfield Conveyancing’s Suzana Medved was hopeful the airport would lift transaction volumes amid “very quiet” conditions at present.

Medved, who established her firm in 2001, said the facility could add to activity for “people who need to buy and sell to downsize or upgrade” in the fast-growing area.

“Granny flats are growing exponentially and the traffic is picking up like crazy,” she said.

“It’s becoming like the inner west, cars parked everywhere you can’t get a parking spot in front of your house.

“We all know that the prices will eventually rise again.”