$288 million to Sydney's growth spots
Obtaining a favourable fixed or variable home loan rate in order to make the move to Western Sydney could be a wise decision.
As part of a $1.18 billion state government planning and environment package, Western Sydney will benefit from a $288 million injection to promote job and housing growth.
The $288 million package will be delivered via the Department of Planning & Environment and demonstrates just how much potential there is for the Western Sydney region, which has been exploding in popularity recently.
A number of exciting initiatives are set to be rolled out that could help boost interest in Western Sydney, making properties in the area a valuable asset. The country's cheap home loans thanks to a 2.5 per cent cash rate could make living or investing in Western Sydney a realistic prospect, too.
For instance, $83 million will go to the Housing Acceleration Fund to release land in Sydney's south-west, including Camden, Edmonson Park and Spring Farm. The funding will improve critical infrastructure across these fast-growing suburbs.
A grant of $12 million will go to local authorities to help them design "high-quality urban environments" and upgrade infrastructure in their locales. A further $50 million will be rolled out in the second phase of this program over the 2015-16 and 2016-17 years.
General infrastructure delivery will be aided by a $60 million grant as part of the Local Infrastructure Growth Scheme. Plus, $22 million of capital funding will help roll out the state's new ePlanning system, which will provide a single online channel for planning activities. The streamlined ePlanning portal will allow individuals to view regulations, lodge development applications and much more.
"The [government's] investment in 'big ticket' infrastructure for Western Sydney - like the $8.3 billion North West Rail Link and the $12 billion WestConnex motorway - is being supported by upgrades or construction of regional roads and water projects in the region, as well as in Illawarra, inner Sydney, the Central Coast and the Mid-North Coast," noted Minister for Planning Pru Goward in a June 17 statement.
Image credit: Corey Leopold