Sydney Infrastructure Projects
There is no question that Sydney is under rapid change and growth, from infrastructure projects, such as the LightRail, WestConnex and Metro line – through to the creation of 3-distinct regions including Western, Central and Eastern. With the State Government also stating that $87 billion has been committed to infrastructure pipeline over the next 4-years.
Colliers International have undertaken a review of current and future projects throughout Sydney to identify how these projects will change the face of Sydney, and what this may mean for the residential market.
With the population of NSW expected to grow to 9.9 million in 2036, and to 12.1 million by 2056 the NSW Government have released the 2018 State Infrastructure Strategy. The State Infrastructure Strategy focus’ on three key objectives, including:
- Supporting growth
- Setting new strategic geographic directions; AND
- Managing the fiscal gap
Setting new strategic geographic directions focus’ on infrastructure planning and development and how new infrastructure will support the forecasted growth of the Sydney region.
The NSW Government currently has 10 major infrastructure projects throughout Sydney. The infrastructure projects include;
- Pacific Highway Upgrade
- Sydney Light Rail
- Sydney Metro Northwest
- Sydney Metro City & South West
- Northern Beaches B-Line
- Newcastle Light Rail
- Westmead Redevelopment
- Northern Beaches Health Service
Further to State government initiatives, the Federal Government is investing $3.6 billion in the Western Sydney upgrade program, along with the new Western Sydney Airport at Badgery’s Creek.
The State & Federal Government’s investment into the growth of Sydney aligns to the creation of three district plans for Sydney including Western City (Liverpool, Penrith, Campbelltown), Central City (Parramatta, Rhodes, Blacktown) and the Eastern City (Sydney CBD, North Shore & Sydney Airport/Botany Bay).
The three-district plan will have investment from public and private sectors over the next five years and has been developed to meet key objectives of the Greater Sydney Commission to maximise liveability, productivity and sustainability.
“These infrastructural investments will significantly change how those residing in the Sydney region live, interact and travel. Greater infrastructure means reduced travel time, and greater access to amenity, such as health and education and ultimately an improved lifestyle”. Colliers International, National Director and Head of NSW Residential Project Marketing, Dennis Vertzayias commented.
“Almost $90bn in committed public investment and infrastructure is substantial. When we add direct private investment the number is closer to $120bn. The delivery of new and improved infrastructure at this scale, doesn’t just positively impact the suburbs and residents directly surrounding these projects, but also the broader community and residents of Sydney as a whole. It makes Sydney a better place to live. It makes foreign tourists stop and take notice. Our research team have closely monitored all these programs and early reactions suggest that the people of Sydney are excited to see the positive impact programs such as the Metro Line, Western Sydney upgrade and Westmead redevelopment will bring. Albeit people hoped some programs were delivered more quickly, closer to budget, and with less ease”.
Over the next 6-months Colliers International will bring to you a series of content to identify how these key projects are changing your suburb and how the residential property market will benefit from new infrastructure.
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