It’s a very strategic time for property markets on the eastern seaboard. Here’s what we mean by this.
Each of the three states, Queensland, NSW and Victoria have prepared major planning documents for their capital cities which provide detailed, long-term strategies for them. These plans have been made public, some offering the opportunity for community and business feedback. So the future of these cities, at least the governments’ aims and intentions for them, is there for anyone to see.
It’s not unusual for governments to signal the big picture plans they have for urban development. But it generally happens on a random basis, with a strategy announced here and then, some years later, another city plan there. What is unusual at the moment is that everyone is preparing plans at the same time. And that’s why it’s a strategic time.
This phenomenon reflects new thinking by government around infrastructure. Infrastructure represents a huge public financial investment so it is important to get the whole process right and to leverage as much economic and social advantage as possible from that investment.
We’ve seen the establishment of the federal body Infrastructure Australia, and now every state has its own infrastructure agency. We know it is not a matter of laying a road or building a school in isolation of an understanding of the bigger picture.
People’s lifestyles are changing dramatically: where and how they work; choose to live and spend their leisure. Governments are struggling to keep up with that and to adjust the regulatory frameworks which will allow property markets to respond to these lifestyle changes.
The other thing that governments struggle with is housing affordability, and each of the states wants their metropolitan strategies to better address housing affordability.
So what are the new strategies which have been laid out in the past 12 months?
Plan Melbourne Refresh 2017-2050 sets out future growth areas, the amount of growth infill development, future infrastructure and future land releases.
It’s the same with the Growing Sydney strategy which includes a series of district plans showing a higher level of detail and providing a significant amount of direction as to where the government thinks future growth and investment should occur. The metropolitan strategy is due to be released in late 2017.
Picture: Greater Western Commission – Greater Sydney vision to 2056
Shaping South East Queensland is a bit different to these other two because it includes a high level analysis of future development levels, not just of Brisbane, but also the Gold Coast and the Sunshine Coast.
It’s really important if you are in the property business, as a professional or as an investor, to understand these plans because, whether developers do or don’t like them, they often eventuate.
The plans tell us about such things as, a new south east airport and a new sea port for Melbourne. We know about north and west connex in Sydney as well as the proposed western Sydney airport. Combine this information with the Bureau of Statistics regional population trends and current residential property prices, and you’ll be well-informed to think about long term investment value.
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To understand more about this sector or for more information, please contact Amy Williams, National Marketing Manager on 02 9221 5211 or firstname.lastname@example.org.