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How much can a market change in 20 years? An agency’s founder gives a firsthand account of how, from humble beginnings, Mount Druitt has evolved to become a million-dollar market.
Basel Nahas, the principal of Laing+Simmons Mount Druitt — one of the few real estate businesses to celebrate two decades of operation in the Sydney suburb — said that there have been some major changes in the local market since the office was established in 2003.
“When we first opened our doors, the Mount Druitt market had some challenges in the way it was perceived. The average price of a home was about $280,000,” he recalled.
But over time, he remarked that the area has evolved enormously, estimating that values have tripled and the suburb has become “something of a hotspot”, ultimately resulting in Mount Druitt having a million-dollar suburb price tag.
He credited Mount Druitt's strong price growth to the combination of strong demand coupled with the area’s appeal.
“Demand from owner-occupiers, families in particular, as well as increased interest from investors has seen the suburb transform into a truly diverse and culturally rich place with people from many different backgrounds now calling Mount Druitt, ‘home’,” he explained.
Further providing insight into how the local market has evolved over the years, he noted that the nature of the real estate on offer has also transformed along with the demographic shifts.
“New developments have changed the landscape; knockdown [and] rebuilds have resulted in the creation of larger family homes, and this in turn has contributed to broader investment in the suburb,” he stated.
But while the past 20 years have transformed the suburb, he noted that “the evolution is set to continue”.
“The government has announced a $1.49 billion revamp of the Mount Druitt CBD and recently removed the floor-space ratio limitation in the CBD, which will reshape the commercial centre.”
He also expects that the local property market will continue to deliver a solid performance, citing the area’s resilience in the wake of the broader downturn in prices.
“We have not seen dramatic price declines in Mount Druitt. Some vendors are cautious about selling in the current climate; however, we are seeing demand regather momentum, which is creating pressure on the shortage of supply,” he says.
He added that infrastructure investments in new hospital, school and transport projects, the revamped Westfield, the convenience of the M4 and M7 motorways, the Metro line to St Marys, and the soon-to-be-completed airport, all point to the “future strength of the local economy”.
“The past 20 years have gone quickly, but the changes we’ve witnessed have been major. We’re excited to see how different the suburb will look in another 20 years’ time,” Mr Nahas stated.
Laing+Simmons chief Leanne Pilkington congratulated Mr Nahas and his 20-strong team of local experts for the rare 20-year milestone.
“Basel, [his brother] Jack and the Mount Druitt team are ingrained as part of the Laing+Simmons family. They exemplify what we stand for.
“They’re the undisputed local market leaders; they’re active in the local community; they give charitably; they take pride in their work and their community; and they have created life-changing outcomes for many local people over the years,” Ms Pilkington concluded.
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