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Opportunities to secure investment real estate in Sydney may just be on the rise, as the New South Wales Department of Planning and Infrastructure announced another urban renewal project in the CBD.
Concept plans for the revitalisation of Haymarket were approved in early December and have a total capital investment value of $709 million.
The development will be nestled between Chinatown and Darling Harbour and once completed it will turn the area into a thriving residential and business area.
"This is a green light for planning and full steam ahead for the remaking of Haymarket as part of our magnificent world city," said Planning Minister Brad Hazzard in a December 8 statement.
"This new vibrant neighbourhood will help meet local housing demand for residents and students wanting the best of urban life and also be enjoyed by visitors attending conventions in Darling Harbour, who want a Sydney experience."
The development will include almost 150,000 square metres of residential floor space, which will help to boost available housing supply in the city. This residential land could provide room for approximately 1,360 new dwellings and 422 student accommodation units.
There will also be improvements to streets and laneways, installation of street furniture and public spaces for residents and visitors to utilise.
This is one of the many urban renewal projects currently underway in the Sydney region, with others including Green Square, Harold Park and Barangaroo.
Housing needed for Sydney
Prices for homes in Sydney have seen significant growth throughout 2013, which has been attributed to a mixture of increased buyer activity and low housing availability.
Introducing more urban renewal areas, such as Haymarket, will provide the city with the necessary housing stock to keep up with demand from a rising population.
Urban Taskforce Chief Executive Chris Johnson noted that Sydney is currently building 10,000 less homes than needed each year, further fuelling the housing shortage issue.
"While there has been some uplift in housing production over the last year it is clear that significantly higher numbers of new houses and apartments are urgently needed," said Mr Johnson in a December 18 statement.
"The big message from Australia’s accelerating population growth to the NSW planning system is that more housing is required in inner city and fringe locations. While the NSW government has helped lift housing supply through infrastructure funding and grants there is still a long way to go."
