New Strategy in Pipeline for The Illawarra
A growing population in the Illawarra has placed pressure on the New South Wales government to release a planning strategy for the area. This is in order to cater for a higher number of residents shifting to the region.
The new strategy, which was released earlier this month, contains a number of ideas and initiatives to turn the Illawarra into the state's largest regional economic driver. One of these is to make room for the growing employment centres, which will bring people to the area to live and work.
Over the next 20 years, the population is expected to rise from 288,100 to 340,000. This will translate into a need for more real estate in the area, which the state government estimates to be around 31,300 new available homes for sale.
The release of the new houses for sale will help to improve the level of housing affordability in the region, which is of particular benefit to those entering the property market for the first time.
Cheaper houses on the market will enable more people to take advantage of the first home owners grant in the state, which applies to the purchase of new dwellings only.
This new strategy also presents a number of opportunities for active property investors who wish to secure an additional investment in the near future.
A growing population will lead to a good rate of demand for accommodation by renters, which is of benefit to owners of houses for rent in the area.
The Property Council of Australia has shown its support for the release of this strategy, stating that it is "a considered strategic direction".
"We welcome the NSW government's consultative approach to this growth plan and the new direction the White Paper has provided for important regions like ours. Now it is up to us to seek the best outcomes from this opportunity," said David Laing, chair of the Property Council of Australia's Illawarra chapter.
Current residents in the Illawarra have been invited to comment on the new strategy and identify what they would like to see improved in the area.
"From Werri Beach to Woonona or anywhere in between, this is a great chance for all Illawarra residents to have a say on housing, transport, infrastructure and environmental protection," said state Minister for Planning Brad Hazzard in an August 19 statement.