Property investment potential boosted in Western Sydney

By the resi financial blog team, 25 November 2013

Property investment in Western Sydney

Property investment in Sydney could be set to rise, following news that over $12 billion of projects were approved over the last financial year in the city's west.

The NSW Department of Planning and Infrastructure confirmed the figures in its annual report, adding that the money shows the commitment the state government is making to delivering economic opportunities in the area.

Minister for planning and infrastructure Brad Hazzard stated that spending on Western Sydney projects was worth more than the total value of all of NSW's other significant initiatives combined.

"Western Sydney is the jewel in the crown and pivotal to NSW's economic fortunes," he stated.

"Government and private sector investment in infrastructure, employment and housing puts Western Sydney in the driver's seat to make NSW number one again."

The annual report stated that $10 billion was approved by the state government, while the remaining $2 billion was given the go-ahead by the Sydney West Joint Regional Planning Panel.

The $8.5 billion North West Rail Link is responsible for the majority of the investment spend.

Key projects

Aside from the rail link, there were several other key initiatives approved, including the draft Broader Western Sydney Employment Area Structure Plan.

This will see the state's largest ever employment space developed, which will create 57,000 jobs over a 30-year period, as well as generating a need for more housing.

Around $70 million is being spent on upgrading Old Wallgrove Road in the Western Sydney Employment Area, near a number of major housing growth centres.

The rezoning of land in Penrith, Narellan and Liverpool will enable three major retail and development hubs to be given the green light, a move that will likely enhance local housing investment opportunities and generate more than 4,000 jobs.

The $97 million construction of Toll IPEC's freight transport warehouse and distribution facility will create another 150 jobs in Huntingwood West in Blacktown.

Property investment in Western Sydney

These projects should see property investment in Western Sydney surge, while individuals take advantage of favourable fixed interest rates in Australia.

Parliamentary secretary for Western Sydney Stuart Ayres said: "The future is bright in Sydney's west - as shown recently by the NSW government’s announcement of the WestConnex project which will create thousands of jobs and provide a vital piece of infrastructure connecting Western Sydney."

Mr Hazzard agreed, noting that Sydney's new planning system will also create a better environment for construction and housing development.

"Housing approvals in Western Sydney during 2012-13 made up 49 per cent of all housing approvals across Sydney," he said.

However, there is still a shortfall in housing across NSW, the minister explained, so providing a more rigid planning structure will help everyone get a say and boost real estate and infrastructure development.

Categories: Property Investment