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Infrastructure development around New South Wales will impact investors of real estate in Sydney, as transport and other facilities will be improved to boost liveability.
Much development is expected to occur around the city as the government continues with plans for urban renewal projects such as those located at Epping and Lidcombe. Once completed, improved infrastructure and other facilities will help the region become a more attractive place to live while also providing for expected population growth in coming years.
In a March 13 statement, Planning Minister Brad Hazzard said the two projects at Epping and Lidcome will deliver many new homes for Sydneysiders, offering a wide selection of choices to suit buyers.
"But the community has said loud and clear that housing growth must be accompanied by infrastructure - particularly transport infrastructure - and that's what the O'Farrell government is getting on with delivering," said Mr Hazzard.
More homes and community infrastructure
Transport for Epping residents will see significant improvement as the region has many projects currently underway. Some of these projects include a $550 million M2 upgrade and the $8.3 billion North West Rail Link.
"Local road upgrades are also planned next year to make it easier for residents to get around their suburb, including upgraded intersections at Essex Street and Epping Road and Carlingford and Beecroft Roads and the widening of parts of Epping Road," said Member for Epping Greg Smith.
Light rail to transform the inner west
With construction underway for the light rail system in Sydney's inner west, the region is already seeing high demand for property by both investors and home buyers.
The Inner West Light Rail Extension is a 5.6 kilometre addition to the rail system which stems from Sydney through to Lilyfield and Dulwich Hill. Along the rail extension, the government is constructing nine new light rail stops, giving local residents ample opportunities to live near a station.
Commenting on the demand for property surrounding the light rail stations, Ray White Haberfield Nick Calvaruso told News Limited in a January 6 article that values have gone up significantly in Dulwich Hill.
Mr Calvaruso commented that over the past 12 months, the values of many homes in the inner west have risen into the millions.
"People can see the area is an attractive place to buy, being in the middle of everything and so close to the city - not to mention the rail line being completed," he told News Limited.
"Sometimes we go to auctions with a reserve of $1.5 million and then it sells for $1.7 million and we are left speechless - things like that could be driving the median prices up as well."
