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Real estate in Sydney could be set to benefit from new growth plans put forward by the NSW government.
The draft Metropolitan Strategy highlights a range of issues for boosting the city's suburbs, particularly towards the west.
The Property Council of Australia has welcomed the publication of the document, claiming that it adequately addresses how to make Sydney a strong and sustainable city for the future.
Glenn Byres, NSW executive director for the organisation, said Sydney is a global city – and it needs to act like one.
And according to him, the draft strategy achieves these aims in a variety of ways.
"Extending the global economic corridor to emerging centres in Sydney's west recognises the need to balance the weight of employment across the city," he said.
"Sydney's CBD will remain the economic jewel in the crown – but we want strong, prosperous centres and precincts across the west."
The strategy includes boosting real estate, with new infrastructure expected to support the creation of more than 545,000 homes over the next 20 years.
Mr Byres said the draft, which was released by NSW infrastructure minister Brad Hazzard last week, was forward-thinking in addressing current problems in the city.
"Sydney is a global city that will continue to grow – so we need smart strategic plans that bring jobs, homes and transport together," he added.
His comments came as the Property Council of Australia recently released a poll that highlighted the livability of the country's capitals.
Respondents strongly supported the conversion of old industrial estates into houses for sale and rent.
People were also keen to have new neighbourhoods built on the outskirts of the city to help cope with population growth demands.
In fact, the report claimed that residents were supportive of any housing scheme that tackled overpopulation, while also enabling faster and easier transportation to employment centres.
According to Mr Hazzard, Sydney is expected to have a further 1.3 million people living in the city by 2031 - bringing total inhabitants to 5.6 million.
Mr Byres said the poll results were indicative of what Sydneysiders feel is important for improving the city.
He also claimed that the Metropolitan Strategy's alignment with boosting infrastructure was a sensible move, ensuring that the bold goals set out in the draft are actually realised.
"A new planning system that facilitates investment, modernised local government, sustained spending on infrastructure and clear lines of accountability are needed," the executive director continued.
