Brokers in Sydney’s greater west could be experiencing an upturn in business, with Residex announcing its July 2013 ‘suburb of the month’ as the relatively new development of Glenwood, siting a predicted 8%+ average growth rate for the next five years.
The median house value in Glenwood currently sits at $584,000 and rental yields average at 5.29%.
“Glenwood has emerged from one of the last remaining tracts of rural land in north-western Sydney to a new, residential suburb in recent years. New developments have provided moderately priced homes to the Greater Sydney region, making the suburb ideal for first home buyers and young families,” says Residex.
More than a quarter of Glenwood’s population (27%) is aged under-14 years and 32% are aged 25-44 years, indicating a high number of young families in the suburb. The median weekly household income in Glenwood is $2,192 and it currently takes about 33% of after tax income to make rent repayments each week.
Residex says there are around 4,355 dwellings in Glenwood, of which approximately 93% are houses and 19% of all dwellings are rented. According to local agent, Nik Stanojevic, of Response RE Glenwood, rental vacancy is one to two weeks with confirmed rental yields of 5.20% expected. The agent says typical purchase prices are around $600,000, while the historical long term 10 year growth rate was 3.65% pa.