Frasers Property Group is touting deals such as Midtown MacPark – its 8.2-hectare development community near Macquarie University in Macquarie Park – as a prime prospect for investors in particular.
The Australian Bureau of Statistics (ABS) reports that Australia has already seen an increase in the number of returning expatriates, recording 19,150 long-term arrivals in March 20222, nearly double the 10,980 long-term arrivals recorded before the pandemic in March 2019.
But the pace of international student arrivals has not yet returned to full throttle. Separate ABS figures for the same month in 2022 show that more than 28,000 international students arrived in Australia, down 60.9% from before the pandemic in March 2019.
The multinational company which develops, owns and manages a complex property portfolio believes there is “substantial room for growth” and notes that housing will continue to be a problem as the country’s population swells with new entrants.
The massive Macquarie Park project, which is being developed in conjunction with the NSW Land and Housing Corporation (LAHC) and Mission Australia Housing, is expected to deliver 3,300 new homes to the area over 12 years. This will include 954 social housing units, 130 affordable rental units and over 2,000 private units.
With extensive community offerings and commercial projects involved in the construction – including a school, day care center and numerous retail and hospitality spaces – the project is expected to be a key contributor to the 20,000 new jobs expected to land in Macquarie Park over the next 20 years. .
Frasers has made sure to remain very conscious of the community they will serve in the development of the new residences, which will be housed in one of many upcoming skyscrapers.
Cameron Jackson, managing director of New South Wales development at Frasers Property Australia, said the firm has kept the needs of the community’s core population firmly in view to create spaces that best meet the needs of a largely young rental population.
“Midtown MacPark is designed to be 100% walkable. Future residents will live in one of Sydney’s most connected communities where owning a car is not a necessity – a way of life that many expats and international students are already well accustomed to and actively seek to emulate when ‘they are settling on our shores,’ Mr Jackson said. .
“With the return of international students, the demand for smaller units with no car space will increase further, as world-class Macquarie University is only a 600m walk away. This makes Midtown MacPark particularly attractive to the university’s more than 44,000 enrolled students and 3,000 employees.