Rail development to increase Sydney housing supply

By the resi financial blog team, 09 September 2013

Sydney's Central railway station development

The New South Wales government has called for development proposals for the Central to Eveleigh rail corridor.

The rail corridor currently runs three kilometres from Sydney CBD through to Macdonaldtown station, stopping at Central and Redfern train stations along the way.

The redevelopment could possibly lead to future projects - such as the upgrades of both Central and Redfern stations.

Once redeveloped, the rail corridor could open up a number of opportunities for land and housing developments through increased land supply, allowing for more residents to be able to live closer to the CBD and hopefully cutting down the time spent commuting.

This is great news for property investors, as it will mean more available housing supply to boost stock levels in the market.

"By building above the rail lines and on underutilised land we can potentially make available more than one million square metres of new floor space - double the size of Barangaroo," said state minister for planning and infrastructure Brad Hazzard.

"The Central Park precinct currently under construction in the vicinity of the rail corridor is a positive example of what can be achieved with this premium but underutilised land. It has the potential to supply thousands of new homes and jobs right in the heart of the CBD," said Sydney Business Chamber executive director Patricia Forsythe in a July 12 statement.

Ms Forsythe stated that the development of this particular rail corridor is the "next logical stage" in rejuvenating some of Sydney's key areas.

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Categories: Property Investment