As property prices across Sydney climb further and further out of reach for the average Australian, it is becoming increasingly common for families, as well as first home buyers to look towards outer suburbs when seeking to settle down. Box Hill, in Sydney’s outer north-west, is undergoing a major transformation thanks to a huge population boom across the entire Hills Shire.
While Box Hill is still a relatively young suburb, as the suburb undergoes development, properties capital growth is projected to mimic that of its neighbouring suburbs over the next 5 years.
With neighbouring suburbs such as Rouse Hill and The Ponds reach capacity, resulting in property purchasers seeking new opportunities. Box Hill’s population is expected to surge 23,567 in the next 15 years.
Box Hill is conveniently located just 50 minutes from Sydney CBD, just 6 minutes to Rouse Hill town centre, all while providing some of Australia’s most amazing national parks at your doorstep .
The transformation of Box Hill
Box Hill’s transformation from agricultural heartland to sought-after suburb has been underway for more than a decade but kicked into high gear last year with the opening of the $7.3 billion Sydney Metro Northwest line, which brought rail services to nearby Rouse Hill for the first time.
Box Hill’s community infrastructure is estimated to cost around $690 million, which is jointly funded by developers and the NSW Government. the up and coming suburb is set to benefit from new schools, parks, sporting facilities and shopping precincts. Box Hill’s proximity to the more established Rouse Hill also puts residents within a short walk or drive of an already thriving dining and retail centre and plans for a state-of-the-art hospital.
By completion Box Hill will be home to approximately 42,480 residents (13,276 dwellings).
Property Market
Last month Box Hill had 72 properties available for rent and 130 properties for sale. Median sold prices over the last year is $1,280,000 for houses. If you are looking for an investment property, consider houses in Box Hill rent out for $690 PW with an annual rental yield of 3.1%. Based on five years of sales, Box Hill has seen a compound growth rate of 117.4% for houses.
