This western Sydney high-rise is smack bang in a city on the up and up
Penrith is a city on the rise. This will come as no surprise to those who follow the National Rugby League competition, where the all-conquering Panthers have won the last four premierships. There's more, however, to the Western Sydney powerhouse than rugby league glory, and the Pullman Sydney Penrith shows how the Nepean River community is changing. Opened in August 2023 as the city's first five-star hotel, the glittering new build on Mulgoa Road is a sign of confidence in Penrith's future, funded by the Panthers Group as part of a transformation of the Penrith Panthers precinct to create a modern business and entertainment destination. The hotel also looks to benefit from the 2026 opening of the Western Sydney International Airport (about 20 minutes away) by bringing a new level of luxury accommodation to travellers who will no longer need to head to Sydney's CBD for a five-star experience.
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News.com.au
an hour ago
- News.com.au
NSW Treasurer Daniel Mookhey confirms Sydney's housing ‘Plan B' won't be in Tuesday's budget
NSW Treasurer Daniel Mookhey has definitely ruled out any announcement on the government's 'Plan B' for housing in next week's budget, after a $5bn proposal to turn Rosehill racecourse into 25,000 homes was shot down. Mr Mookhey will hand down his third budget since Labor's 2022 election on Tuesday, as NSW continues to grapple with a worsening housing crisis and the fallout from a summer marred by anti-Semitic attacks. Billions of dollars in spending has already been announced ahead of the budget, expected to feature the same fiscal restraint as the previous two years, including in housing, justice reform, and Western Sydney airport. The budget comes after a majority of members from the Australian Turf Club voted down plans in May to turn the historic Rosehill racecourse in Sydney's west into a first-of-its-kind mini-city with a Metro station. Premier Chris Minns has since said the state government was working on its 'Plan B', with reports the port of Glebe Island was being eyed for housing, but has so far remained mum on what that project would be. Asked about whether the 'Plan B' for housing near Sydney's CBD would feature in the budget, Mr Mookhey on Friday told NewsWire '(in) next week's budget, we will make progress in dealing with the housing challenge'. 'We will not be sort of announcing Plan B on budget day. But we're pretty clear that we need to build more homes.' Mr Mookhey said he was 'disappointed' in the failed sale of Rosehill. 'What it means for the state is that we do need to build more homes,' he said. A raft of policy measures has already been announced ahead of the budget to target housing, including making tax cuts to build-to-rent schemes indefinite and draft guidelines for the 'build-in-kind' scheme. Despite a damaging few weeks for the Treasurer, whose workers compensation reform measures were sent back for another inquiry amid fierce push back from the Liberals, Greens, and the unions, Mr Mookhey was optimistic. Asked about the message of the 2025-26 budget, Mr Mookhey said it was about the 'future of our essential services and the future of our economy', and touted the work of the NSW Labor government until now. 'It is about making sure that we are making the right investments to deliver the world class public services that people will expect, and to make sure that the NSW economy continues to grow so we can lift people's living standards, improve their wages and create jobs,' Mr Mookhey said. 'That's been what this budget has been about, and the reason why we can now make these investments is because we've made real progress in stabilising the state's finances. 'We've inherited a $15bn deficit, which we've made good progress in turning around. We can report now for the first time in years, the NSW government is back into cash surplus. 'We can say that the debt is stabilising. We've kept our promise to keep debt at below $187bn at this point in time. So, that gives us that platform for more progress.' The budget comes after the Western Australian budget on Thursday reported a $2.5bn surplus off the back of a 2018 deal that gave it an guaranteed share of the country's GST carve-up. Mr Mookhey previously said he would advocate to the Albanese government to reform the tax allocation, which he said cost the state government $12.6bn last year – for which the state was 'still recovering'. 'It's undoubtedly the case that that remains a challenge for NSW, and it doesn't matter whether there's a Labor treasurer or a Liberal treasurer, the state would have to be dealing with that. 'Which is why I am glad that here in NSW, we do have bipartisanship about the need for GST reform. 'But, in arguing for NSW's position, I don't talk down any other states and I accept the fact that every state will always argue for what they consider to be their interest. 'I'm simply saying that there's a simpler system, that more predictable system, a more certain system that is available, and we'll continue to argue our case for change.'
The Advertiser
7 hours ago
- The Advertiser
This western Sydney high-rise is smack bang in a city on the up and up
Penrith is a city on the rise. This will come as no surprise to those who follow the National Rugby League competition, where the all-conquering Panthers have won the last four premierships. There's more, however, to the Western Sydney powerhouse than rugby league glory, and the Pullman Sydney Penrith shows how the Nepean River community is changing. Opened in August 2023 as the city's first five-star hotel, the glittering new build on Mulgoa Road is a sign of confidence in Penrith's future, funded by the Panthers Group as part of a transformation of the Penrith Panthers precinct to create a modern business and entertainment destination. The hotel also looks to benefit from the 2026 opening of the Western Sydney International Airport (about 20 minutes away) by bringing a new level of luxury accommodation to travellers who will no longer need to head to Sydney's CBD for a five-star experience.
Daily Telegraph
6 days ago
- Daily Telegraph
House vs unit: areas with smallest and biggest price gaps
House and unit prices have begun to converge in many Sydney areas, with new data showing property seekers can get houses for only marginally more than a unit in some locations. The exclusive Ray White research indicated the average difference between units and houses in certain western suburbs was as little as 20 per cent – well below trend for Sydney, where houses are typically about 80 per cent pricier than units. The narrowing of house and unit prices in some areas has followed a long run of unit price increases since interest rates began to rise in early 2022. MORE: Boom to bust: home prices plunge in key Sydney areas Higher rates forced more buyers to target cheaper units and the resulting increase in competition pushed up apartment prices – especially in suburbs west of Parramatta. There has also been large scale unit development, which has meant units are often a lot newer than the local house stock and this has attracted a premium. Western Sydney suburb Lethbridge Park had one of the tightest gaps between unit and house prices. A unit or townhouse in the area cost an average $647,000, while houses cost $838,000 – just 22 per cent, or $190,000 more, according to Ray White. The analysis revealed that by boosting your budget between 20-25 per cent, buyers in St Clair, Gorokan, Kanwal, Charmhaven and Cambridge Park could buy houses instead of units. MORE: 'Over the top' house sells for $18.5m Aus's worst neighbours exposed 20 suburbs where rents will rise for 'long period of time' On the other hand, apartments offered an entry into some of Sydney's most sought-after and expensive markets, where the analysis revealed the difference between the two dwelling types was an eye-watering $3m. Ray White chief economist Nerida Conisbee said the areas with a smaller price gap likely had older houses competing with newer apartments and townhouses. 'But if you're looking long term and might do a renovation project or a knockdown rebuild, there's opportunity there,' she said. That climate contrasted with much of the north shore, including suburbs Greenwich and Riverview, where money-conscious buyers were far better off buying a unit. Apartments in these areas cost about $1.07m compared to the median price of a house at $4.06m, a saving of almost $3m. It was a similar story for nearby Mosman, along with eastern suburbs Bellevue Hill, Dover Heights and Rose Bay. Ms Conisbee said Aussies in most city areas would need to embrace apartment living for affordability reasons but those who could afford houses would benefit from more capital growth. MORE: 'Name and shame': Furious crackdown on underquoting 'When we look overall at a city, houses do generally outperform apartments,' she said. Buyers advocate Cate Bakos said it came down to the buyer's needs. 'If their dominant need is location I'll be talking to them about a unit if they're priced out of a suburb. If their dominant need is the dwelling size and the long tenure of the home, we look at houses,' Ms Bakos said. Eddie Dilleen, one of the country's most successful investors, found purchasing a unit was more cost affective in building a large property portfolio. 'About 70 per cent of my portfolio is affordable units, townhouses and villas and I've had better results with these kids of properties,' he said. Rose and Dave Ung decided to flip the narrative and sold their suburban family home to move into a three-bedroom apartment in Rhodes with their two kids and dog. '(We're) well connected with public transport, we have immediate access to parklands,' Ms Ung said. 'There is such a big (price) difference between the houses, a couple million dollar difference … we have a three bed apartment and study, so it's quite generous and works for our family, there wasn't a benefit in forking out a couple extra million. 'What I like about apartment life is the community aspect, shops, convenience of things, I've connected with the community and the local cafe owner … in our house we didn't even have a favourite cafe.' Billbergia's development director planning and design Saul Moran buyers aren't necessarily prioritising houses and land but 'liveability, the convenience of living close to amenity and transport'. Rhodes residents in Bilbergia's Oasis and Peake buildings could access a pool, spa, kids splash zone, table tennis, work from home break outpaces and an off-leash dog park that added another element of convenience for the residents, he added. 'It's the evolving nature of the great Australian dream that's more viable in the modern economic world,' he said. MORE: Fashion icon's splurge after $20m payday Most Aussies are using their heater wrong
