Monday, May 29, 2017
Chinese investors pounce on Badgerys Creek airport land as prices set to soar
CHINESE developers and local investors are swooping on Badgerys Creek real estate amid speculation property prices in the area could double by the time the airport is built in 2026.
Local agents told The Daily Telegraph they had been fielding calls from overseas investors and “land bankers” after Prime Minister Malcolm Turnbull confirmed this week the federal government would build the airport itself.
The Daily Telegraph can reveal that two in three residents across Sydney’s west support the need for a second airport, and the same number agree it would create thousands of jobs in the area.
A December focus group study commissioned by the Infrastructure Department also showed 63 per cent strongly agreed the proposed airport was necessary to “maintain our global competitiveness” and would bring greater numbers of people and businesses to the area.
There was also a 6 per cent drop in the number of Western Sydney residents who were worried the new airport would make it harder to live and work in the area — just 28 per cent compared with 34 per cent in April 2016.
Urban Infrastructure Minister Paul Fletcher said the airport was “about jobs, economic growth and economic opportunity for Western Sydney”.
“This airport will generate some 9000 jobs by the early 2030s, and it’s also likely to attract many businesses to locate nearby, that’s the pattern with airports around the world, and of course those businesses will bring additional jobs,” Mr Fletcher said.
Data compiled for The Daily Telegraph from Chinese-language property website Juwai shows that interest from Chinese buyers for properties in the “priority growth area” surrounding the airport surged an incredible 1500 per cent last year.
Juwai communications director David Platter said demand would only increase.
“We know of several Chinese investors seeking land in the vicinity of the airport, to develop or resell later when values have risen,” Mr Platter said.
Bringelly Ray White principal George Bobb said he was also in talks with a number of Chinese developers and local investors.
“The interest is right across the board, from major developers to mum-and-dad investors,” Mr Bobb said. “Some people are hoping they’ll double their profits.”
Meanwhile, Labor frontbencher Anthony Albanese has ordered opponents of Badgerys Creek Airport to pull their heads in, as Chifley MP Ed Husic launched another ill-advised spray against the $6 billion project.
Mr Albanese demanded an end to the political bickering over the airport, saying Labor must “put the national interest first” by supporting the project. “When it comes to major infrastructure projects I think that what the Australian public wants is outcomes,” he said.
Mr Husic’s latest blast came after Sydney Airport turned down the right to build the new airport, tweeting: “Western Sydney is being ripped off: the things we need we don’t get, the things we don’t want get forced on us. This is wrong!”
State Labor MP John Robertson said: “I don’t think Ed’s view is the view of too many Western Sydney MPs.”