New Housing in Pipeline for Sydney's Inner West

Inner western suburbs are set to see a rise in housing supply, which will aid home buyers and investors alike looking for real estate in Sydney.

Two large sites located on George Street in Leichhardt will be turned into hundreds of houses, apartments and units, boosting the amount of available housing stock in this area of Sydney.

As a result, investors and home buyers could see an improved level of affordability, while being provided a wide range of housing options to suit different needs and budgets.

Furthermore, approximately 13 of these units will be dedicated to affordable housing, giving lower income earners an opportunity to live in a thriving area with good amenities.

"A number of the buildings at the site are in poor condition and in a state of disrepair, while some are also vacant, and so the site's revitalisation will benefit not only those who eventually live and work there, but the surrounding neighbourhood too," explained Planning and Infrastructure Deputy Director General Stephen McIntyre in a March 4 statement.

This development could help increase the livability of the area and potentially lead to more people shifting to the Leichhardt region due to more housing supply.

The project was given the green light after an amendment was made to the Leichhardt Local Environment Plan (LEP). Changes to the LEP now allow a mixture of medium density housing developments in the area, along with retail and commercial real estate space.

Amendments to the LEP have permitted construction of buildings in areas that have access to key amenities, such as transport, schools and shops. The two sites on George Street will provide residents with access to the new light rail system, the Lewisham railway station and buses along Paramatta Road, making it an ideal place for investment.

"The site's proximity to different public transport options is consistent with our approach of ensuring new housing projects have access to existing and new transport infrastructure, like the inner-west light rail extension," commented Mr McIntyre.

Apartment boom for Sydney

The announcement of this project in Leichhardt comes on the heels of a statement from the Urban Taskforce, which outlined an apartment boom for Sydney.

"The December housing approval figures show that 76% were for multi-unit apartment projects which continues the trend at this level," said Urban Taskforce Chief Executive Chris Johnson in a February 24 statement.

As apartments become a more popular option for Sydneysiders, it could signal a wise investment choice heading into the future.