Urban Taskforce urges Sydney to 'think big'
There could be a lot in store for Sydney homeowners if recent recommendations from the Urban Taskforce are taken into account by key decision makers.
The industry body focuses on development challenges across Australia and potential responses. It recently made suggestions for Sydney concerning its growing population and how the real estate market needs to adapt.
Should the suggestions come into play, those with home mortgages for properties in the inner-city vicinity may do well, as there's potential for a boost in capital values should these proposals go ahead.
A lively metropolitan centre
Chris Johnson, chief executive for the Urban Taskforce, has suggested that Sydney creates a metropolitan centre by 2050 that caters to both residential and commercial uses.
Sydney is a hub for consultancy and financial services, and Mr Johnson suggests a mixed-use city centre could help bring these services to the forefront and make Sydney attractive on a global level.
Meanwhile, future residents in the area could enjoy a range of facilities.
"This bustle of people will need exciting cafes, restaurants, public spaces, cultural facilities and a world class public transport system based on a metro network," Mr Johnson noted.
"The Urban Taskforce urges Sydneysiders to think big for Sydney's future so that we keep ahead of Melbourne and Brisbane as they push forward. Even more important is that Sydney is positioned in the Asia Pacific region as one of the leading cities along with Shanghai, Hong Kong and Singapore."
Should these plans come to fruition, owners of inner-city Sydney real estate could experience strong capital growth in their homes.
Now could be the time to act upon low interest rates and secure property in the New South Wales capital that is located in areas set for future development, from transport infrastructure to better local facilities.