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An Unrealised Opportunity In Norwest

An Unrealised Opportunity In Norwest

05 September, 2023

Nestled in the heart of Greater Sydney, Norwest presents an unparalleled investment potential that remains largely untapped.

With housing demand projected to exceed supply, the region boasts a unique opportunity for growth and prosperity. Outperforming Greater Sydney in both price and rental growth, Norwest has demonstrated its resilience and attractiveness to investors. One of the key factors fueling its potential is the substantial $9 billion infrastructure investment, encompassing pivotal projects in transportation, education, retail, and civic facilities, which promises to further enhance its allure. Bolstering this outlook is Mulpha’s commitment to the long-term development of Norwest. In light of these compelling aspects, Norwest stands as an unrealized gem, waiting to be explored and harnessed for its promising future.

Norwest Quarter

Strong population growth

Norwest’s forecast population growth of 1.8% p.a. is set to almost double the NSW average of 1.0% p.a. This equates to an additional 14,900 residents by 2037.

Forecast Growth

Demand exceeds supply in Norwest

The Norwest area will require an additional 5,440 dwellings over the next 15 years, to accommodate the forecast population growth. Based on the historic 10 year average, it is forecasted to fall short of meeting the required supply.

Dwellings

Housing shortfall deepens

Given the significant decline in NSW dwelling approvals since 2017, the housing shortfall in Norwest is likely to be further intensified.

Record low rental vacancy rates

Remote work is fuelling high demand for housing away from the CBD.

Vacancy Rates

Norwest price growth opportunity

The median new apartment* sales price in Norwest is up to 16% less than comparable amenity-rich metro locations such as Chatswood and Macquarie Park.

Price Growth
House Prices

Sydney house prices skyrocket - the tide is turning to apartments

Between 2019 and 2022 the Sydney housing market saw significant price growth averaging 12.7% p.a which has resulted in house prices now being 62% higher than your average apartment. 

Due to this growing unaffordability of houses, since December 2022, apartment price growth has seen higher price growth as a percentage relative to houses.

Norwest apartment prices and rental growth buck the trend

Between 2019 and 2022, the Norwest Area experienced strong apartment sales price and rental growth, surpassing the median sales price and rental growth in Greater Sydney.

Prices

Norwest job market thriving

Norwest is already home to 31,700 jobs and is expected to grow by more than 8,000 jobs by 2037.

Jobs

To find out more about why you should invest in Norwest download the Urbis Norwest Market Outlook Report or book an appointment with our sales team.

References to Norwest and Norwest study area include the suburbs of Norwest, Bella Vista and Baulkham Hills

Disclaimer: This pamphlet is dated June 2023 and has been prepared by Mulpha Norwest Quarter Development Pty Ltd ACN: 655 700 566 (Mulpha) and Urbis Pty Ltd ACN 105 256 228 (Urbis) for informational purposes only, with the general purpose of providing a view of Norwest’s population and residential real estate market outlook (Pamphlet). The information contained in this Pamphlet has been obtained from publicly available sources (as at June 2023) considered to be reliable and accurate at the time of preparation of this Pamphlet (Information) however, that Information may change over time.  Mulpha and Urbis accept no liability for any such changes to the Information, nor do they accept responsibility to update any person in respect of any changes to, or any inaccuracy or omissions in, the Information. This Pamphlet and the Information contains forward-looking statements, forecasts, estimates and projections (Forward Statements). The Forward Statements have been prepared with due care and in good faith in reliance on the Information.  Any Forward Statement in this pamphlet is provided for general informational purposes.  Neither Urbis or Mulpha represent or warrant that any Forward Statements will be achieved or will prove to be correct. All Forward Statements are subject to known and unknown risks, uncertainties and other factors that may cause actual outcomes to differ (potentially materially) from those expressed or implied in a Forward Statement.  This Pamphlet does not take into account an individual’s investment objectives, particular needs or financial situation and does not constitute financial advice.  Individuals should obtain and rely on their own independent advice (financial and otherwise) specific to their objectives, financial situation and needs. Mulpha and Urbis and their respective related bodies corporate, other affiliates, and their respective officers, employees, consultants and agents, make no representation or give any warranty as to the future demand for residential development at, or infrastructure investment that will be made into, Norwest, or the current or future location or existence of any infrastructure, facilities, amenities or services (including education, retail and civic facilities).  This Pamphlet does not impose any legally binding obligations on Mulpha or Urbis.  To the fullest extent permitted by law, each and both Mulpha and Urbis accept no liability (including without limitation, any liability arising from fault or negligence on the part of any of them) for any loss however arising as a result of any reliance on this Pamphlet.