Sydney creating new suburbs to meet demand

85A new Sydney suburb is nearing completion, highlighting the heavy demand for housing in the NSW capital.

The suburb of Bunya will be completed almost three years ahead of its original deadline because of state government action to speed the process up.

Minister for Planning and Infrastructure Brad Hazzard announced that the NSW government “has pulled out all the stops to boost housing supply”, in a February 10 statement.

The capital’s newest suburb is located in Western Sydney and will provide housing for up to 800 families.

“It’s great to see that one in three families are first home buyers,” said Mr Hazzard.

The site of the new development is a former telecommunication area at Doonside and was spearheaded by UrbanGrowth NSW.

The suburb is only 800m from the nearest train station and is close to the M4 and M7 arterial transport routes. The housing area has been accredited with a six star environmental rating for master plan and housing designs.

A total of 820 lots were available and over 650 had already sold when the statement was released.

This highlights how strong the demand is to secure housing in Sydney, particularly for first home buyers who are also competing in a market with existing homeowners and investors.

“Bunya is a showcase of the boom time in Western Sydney,” stated Mr Hazzard.

Approvals for housing have been incredibly high in the city, with 16,700 homes gaining approvals between July and November, according to Mr Hazzard.

This steady rate of dwelling approvals shows a commitment to ensuring supply meets solid demand and Mr Hazzard noted that 2013 could be the “strongest year of housing approvals in Sydney since 1973”.

“We are approving the equivalent of a new Bunya every week in Sydney,” he noted.

Buyers in the city will be pleased to have more opportunities to obtain a slice of property in the hot capital.

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