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Mortgage groups and local brokers are ready to capitalise on the development boom that will be triggered by Sydney’s new airport.
Prime Minister Tony Abbott announced yesterday that a second airport would be built at Badgerys Creek on the western outskirts of Sydney.
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The project will generate hundreds of millions of dollars of new investment and create thousands of jobs, according to The Sydney Morning Herald.
Aussie Home Loans told The Adviser the company expects to open new branches near Badgerys Creek to go with the offices it already has in western Sydney.
“With the go-ahead for the second airport, we expect strong, long-term growth of jobs and housing in the area and we will expand our network to cater for the expected increase in demand,” a spokesperson said.
Mortgage Choice chief executive Michael Russell said the group would establish a presence near the airport if any major residential development occurred.
LJ Hooker Home Loans is also likely to target Badgerys Creek given the group’s strategy of expanding into growing areas, according to product and marketing manager Jeff Chapman.
Mr Chapman said head office’s policy was to give local franchisees the first opportunity to expand into any growth areas but to then open new branches if that was not possible.
Yellow Brick Road told The Adviser that western Sydney was already a major growth area for the group and one it would keep focusing on as the area continued to attract young families.
Loan Market’s director of sales, Mark De Martino, said Loan Market had already committed to expansion out west before the Badgerys Creek decision was announced.
The announcement of a second Sydney airport was welcomed by Penrith-based Prime Mortgage Services, which is about 25 kilometres from Badgerys Creek.
Owner Pauline Sultana said Prime had already capitalised on the strong growth that Penrith had enjoyed during the 14 years for which she has owned the business.
“The more people who come to the area, there are obviously going to be more loan applications for me,” she told The Adviser.
Renato Cantalupo from Penrith firm Above & Beyond Financial Services said the Badgerys Creek project would generate more housing and provide at least a short-term boost to his firm.
However, he added that it was too early to assume any long-term benefit because nobody could say how many potential first home buyers would be moving into the area.
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