Penrith City, Far-Western Sydney, NSW
Penrith is a key element of the Western Sydney growth economy and will be one of the main beneficiaries of Sydney’s second airport at nearby Badgerys Creek.
The North West Growth Centre and South West Growth Centre also shoulder up to Penrith while the State Government is spending extensively on improving road links in the west.
Penrith City Council and business organisations have seized the moment and are implementing plans to create 12,000 jobs by 2036. At the same time, the city’s new Local Environment Plan has been approved by the State Government, providing opportunities for investors.
In the past three years, Penrith’s property market received a “ripple effect” from the growth in Sydney, with most suburbs experiencing double-digit annual growth in median prices in recent years.
While price growth is now diminished, Penrith remains one of the most active and affordable markets in metropolitan Sydney. Median prices have declined, in line with overall Sydney trends, but much less than city-wide averages.
This report includes the suburbs of Penrith, South Penrith,Cambridge Park, Claremont Meadows, Colyton, Cranebrook, Erskine Park, Glenmore Park, Jamisontown, Jordan Springs, Kingswood, North St Marys, St Clair, St Marys, Thornton and Werrington.