Norwest’s apartment market in Sydney’s Hills District sees remarkable growth

The Norwest area in Sydney’s Hills District has been identified as holding significant investment promise, with recent findings indicating its performance in price and rental growth surpassing that of Greater Sydney. The insights, derived from the Urbis Norwest Market Outlook Report, highlight the area’s robust sales prices and rental yields during the observed period.

According to the report, the median unit price in Norwest has experienced an annual increase of 6.3% over the past decade, with median sales prices showing an 8.7% growth in the last year based on 328 settled transactions. This growth is largely attributed to over $9 billion in infrastructure investments, including the North West Metro and the North Connex and West Connex motorways, alongside developments in education, recreation, retail, health, and service facilities in the area. These enhancements are anticipated to transform Norwest into a dynamic lifestyle and economic hub.

The burgeoning Norwest Business Park, known for its focus on knowledge industries, professional, and health services, is set to further boost employment opportunities and demand for housing. Transport for NSW forecasts a significant population growth in the area, predicting an average annual increase of 1.8 percent from 2022 to 2037, hence necessitating an additional 4,850 dwellings by 2037 to accommodate the expanding community.

Mulpha has been a major player in the development of Norwest Business Park, contributing to the region’s transformation over the past 30 years. The company is currently undertaking the ‘Norwest Quarter’, a multi-stage development poised to feature residential towers, commercial spaces, and ample green, open spaces, aimed at fostering a vibrant community.

Tim Spencer, Mulpha’s Head of Development, emphasized the evolving perception towards apartment living in Norwest, stating, “The demand for quality apartments will continue to grow not just due to relative affordability but also the lifestyle benefits.” He highlighted the importance of location, access to amenities, and community living as key factors attracting a diverse range of residents to the area.

Echoing Spencer’s sentiments, Norwest apartment purchaser and retired professor Lindsay Wasson expressed satisfaction with his investment in Norwest Quarter, praising the development’s design excellence, sustainability features, and the quality assurance provided by Mulpha. Wasson also underlined the convenience and connectivity offered by Norwest’s location, contributing to its attractiveness as a residential choice.

Similarly, Norwest investor Mani Sharma lauded the suburb’s dynamic growth, robust economic development, and comprehensive community engagement as pivotal reasons behind its appeal as an investment location. Sharma recommended partnering with Mulpha for investments, citing the developer’s proven track record and commitment to quality and value.