New South Wales infrastructure strategy needed to prepare for future
A recent announcement from the New South Wales government offered some insight into the future of Sydney's infrastructure development. Since then, a number of real estate industry organisations have offered insight into the changes - highlighting the necessity of taking the time to develop real estate over the coming years.
In fact, the near future will need a number of new investors to take out home loans to help deal with the growing population of the New South Wales capital city. Urban Taskforce Chief Executive Officer Chris Johnson said the State Infrastructure Strategy Update illuminated a number of key points surrounding the future development of the region - with an emphasis on prepping Sydney for the coming years.
For example, the proposal of $7 billion for the Sydney Rapid Transit - as well as an extra $600 million for the Parramatta Light Rail - aim to extend the reach of public transport throughout the area and help support the expanding density of the Sydney population. This is especially important with the strengthening tourism industry, not to mention the emphasis on leading cleaner, greener and more sustainable lives beginning to become a major part of Australia's ethos.
"Sydney will need to double the 1.66 million homes it currently has over the next 50 years and the best locations for this dramatic growth will be along public transport routes," said Mr Johnson in a November 25 statement.
"The long list of infrastructure projects includes educational, health and cultural facilities that are critical to a growing community. The $600 million for arts and cultural facilities will be spread across a range of Sydney central business district and Western Sydney projects.
"This is a once in a generation opportunity to kick start NSW and particularly Sydney into the next stage of our growth. Inevitably our urban areas will need precincts of increased density and for this to maintain our lifestyle we will need the infrastructure to support this."
A growing possibility to turbocharge the New South Wales economy
These sentiments were shared by Property Council New South Wales Executive Director Glenn Byres, who said the future development of things like hotels, commercial property, retirement living options and residential real estate were all aspects of the proposed infrastructure developments that could have a major affect on the way the New South Wales capital city grows.
"The property industry invests for the long haul in our cities so it understands that infrastructure connects markets and communities. It is time to embark on a new era of infrastructure spending that helps create a more productive, liveable and sustainable state," said Mr Byres in a November 25 statement.
He said that while attention towards projects like the Sydney Rapid Transit was essential, it was encouraging to see some thought being given to other, long term investments for the future growth of Sydney.
"We need to get ahead of the curve with Sydney's population forecast to surge by 1.6 million in the next 15 years and a strong bent towards growth in our west," said Mr Byres, stating the need for the government to release the new Metropolitan Plan to provide some context for the tone of the city's development over the next 20 years.
This information will be invaluable for investors, especially those interested in taking out a construction home loan and expanding their portfolios into the next big hotspot in Sydney. Aiding the growth of accommodation for the increasing population is an essential part of helping the region develop and grow - so get in touch with a financial expert today to begin discussing the options available to you.
Image credit: Nicki Mannix