Developers have paid more than $12 million in purchases along the Sydenham to Bankstown urban renewal project line.
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CBRE's manager, capital markets, Nick Tuxworth said the future rezoning possibilities would create up to 36,000 new homes along the rail corridor.
Recent sales include four lots at 1-7 Cleary Avenue in Belmore, for $8.4 million and 14-16 Dudley Street in Marrickville for $4 million. Both were purchased by local developers.
CBRE also has two significant parcels of land currently on the market including 129-133 Ninth Avenue in Belfield which has a development approval lodged for 15 townhouses and 548 Canterbury Road in Campsie with DA for 460 units.
The project looks to create more homes and jobs that are within walking distance from Sydenham, Marrickville, Dulwich Hill, Hurlstone Park, Canterbury, Campsie, Belmore, Lakemba, Wiley Park, Punchbowl and Bankstown railway stations.
"Many developers are willing to take the risk and snap up property despite the fact that they might not get rezoned for another five years," Mr Tuxworth said.
CBRE's Victor Sheu, capital markets Asian specialist, said that Chinese buyers were showing increasing interest in the areas along the development corridor.
