The bevy of property and infrastructure related announcements that are likely to have a positive transformational effect on NSW, and particularly Sydney, continues to roll-out.
The 2014 Budget has confirmed $61.5b worth of strategic infrastructure spending (over four years) – yesterday’s announcement includes funding for:
- Various Hospital redevelopments (St George, Sutherland & Gosford); the redevelopment of Westmead Hospital had previously been announced.
- Feasibility funding for the Outer-Sydney Orbital (M9).
- Funding for further investigation of the Western Sydney Light Rail.
- A housing acceleration fund designed to expedite development in south-west Sydney.
Infrastructure investment of course is not lost on market sentiment – everybody loves a new hospital, station or road. Today, Sydney has these aplenty.
The above announcements can be added to the following project investments, either planned or underway across the city.
Many of these projects are truly transformational in their ability to change the function of the city, e.g. WestConnex, the Moorebank IMT, the Western Sydney Employment Lands and the adjacent Sydney’s second airport. Whilst several of the projects are rightly found in the city’s west, their spatial and behavioural implications spread much further.
These projects will change:
- The direction in which Sydneysiders head to work;
- The sacrosanct esteem in which industrial land closer to Sydney CBD is held;
- Where we shop and recreate;
- How we link to other cities;
- The pattern of freight transport, its linkages to ports and the nature of development required to support modal shifts; and
- Our regional competitiveness.
This wave of investment is not limited to Sydney alone. Current infrastructure projects in regional NSW include:
- Newcastle light rail
- Lake Macquarie Transport Interchange at Glendale
- Continued roll-out of the National Broadband Network
- A new Byron Central Hospital on the state’s north coast
MacroPlan is presently engaged to unlock development opportunity at a number of sites that will directly benefit from the state’s ongoing infrastructure investment.
MacroPlan will be running a series of ‘Transformational Sydney’ workshops for our government and private clients, commencing in July. Please register your interest in attending these events with Amy Williams, National Marketing Manager.
MacroPlan’s national team of dedicated professionals provide economic analysis, strategic and statutory planning, in-depth research and specialised advisory services relevant to all property sectors. Contact Wayne Gersbach, General Manager –New South Wales today to discuss your property research requirements.