Earlier this month, property guru John McGrath shared on Switzer.com a series of Themes that are currently driving the Sydney Property Market. One of the most interesting to the RKRG team was his insights into the importance of Urban Hubs.
John McGrath wrote, that ‘as infrastructure unlocks pockets of Sydney by creating local employment opportunities and reducing commuting times, values are likely to surge in some areas as families seek more value for money.’ And with today’s property prices rising as never before, everyone is looking for value for money. He explained that ‘a significant number of Sydney buyers are giving up on the expensive inner ring and buying in the middle ring, which has experienced some of the strongest price growth in FY14.’
McGrath highlighted three major growth areas in Sydney targeted for new jobs and affordable housing in the long term.
- The Western Sydney Employment Area will be the state’s largest new employment space, creating 57,000 new jobs over 30 years and up to 212,000 jobs when fully developed. Sydney’s second airport at Badgerys Creek will create 35,000 new jobs by 2035, increasing to 60,000 by 2060. Construction will begin in 2016, creating 4,000 jobs initially. First flights expected mid-2020s. A $3B road infrastructure program will commence shortly.
- The South-West Growth Centre incorporates 17,000 ha including Liverpool, Camden and Campbelltown LGAs. Major new centre at Leppington serviced by the new South West Rail Link. About 110,000 new homes to accommodate 300,000 people – almost the population of Canberra.
- The North-West Growth Centre incorporates 10,000 ha including The Hills, Blacktown and Hawkesbury LGAs. There is a major new centre at Rouse Hill serviced by the North West Rail Link and upgraded Richmond line. About 70,000 new homes to accommodate 200,000 residents.
To support this growth, the NSW Government’s Urban Activation Precincts program is fast-tracking new housing, jobs and has upgraded infrastructure in key urban hubs away from the CBD. McGrath specifically named Wentworth Point in Sydney’s inner west as one of 7 neighbourhoods to watch.
Read more of the full article here: http://www.switzer.com.au/the-experts/john-mcgrath-property-expert