Housing boost for Sydney's Wentworth Point

By the resi financial blog team, 09 September 2013

Sydneys Wentworth Point development

Investors looking to secure investment properties in Sydney may be interested to hear of a new development plan released by the New South Wales Department of Planning to boost housing supply in the city.

This may also be of interest to first home buyers looking to purchase property with a first home loan, as the state provided incentive of $15,000 currently applies to brand new homes.

The rundown industrial area of Wentworth Point will be turned into a thriving residential area after 2,300 homes are constructed. Accompanying the residential developments will also be a 1.2 kilometre public access, which will be constructed along the Sydney Harbour foreshore.

"The plans will help us meet Sydney's housing needs while at the same time create new open space and recreation trails along Sydney Harbour, in line with the aims of our draft Metropolitan Strategy," said state planning strategy, housing and infrastructure deputy director general Stephen McIntyre.

Land being used for the development is currently owned by the state government, and consists of 18.6 hectares in total.

The housing that will be constructed in Wentworth Point includes a mixture of low, mid and high-rise buildings.

Other than a boost in housing, the state government will also be introducing a number of community facilities to improve the livability of the area.

Part of the plan will be to construct an 18-classroom school with playing fields by the year 2017, foreshore cycling and walking paths and a new 3.89 hectare park in the peninsula for residents to enjoy.

This new development may present a good opportunity for investors to secure themselves a brand new property for their portfolio, and also first home buyers looking to enter the inner-Sydney property market.

For help with finding the best home loan for first home buyers or investors, contact one of the specialists at resi today.

Categories: Property Investment