One of the fastest growing areas for property investors in New South Wales is Western Sydney, which is home to over a third of the state’s population. The Greater Western Sydney area has received a large slice of the record-breaking 93 billion in spending from the Berejiklian NSW State Budget for 2019 – 20.
Across the whole state, the government has allocated $55.6 billion for public transport and roads, $10.1 billion for over 40 new and upgraded hospitals and $7.3 billion for over 190 new and upgraded schools.
Here is a breakdown on the Western Sydney projects that received funding.
Western Sydney Roads And Transport
- Delivery of North South Metro Rail Link (St Marys to the Aerotropolis) was jointly committed by the New South Wales and Federal Governments through the Western Sydney City Deal.
- $631 million to be spent on New South Wales and Federal Government funded road upgrades to support the new Western Sydney Airport, key allocations in 2019-20 include: $404 million towards upgrading The Northern Road between Narellan and Penrith $145.3 million towards planning and preconstruction activities for the M12 Motorway.
- $561 million in 2019-20 on the Parramatta Light Rail Stage 1, linking Westmead and Carlingford through the Parramatta CBD.
- $107.4 million in 2019-20 on the M4 Smart Motorway, a motorway management system, being introduced on the M4 Motorway between Parramatta and Penrith to increase trip reliability and improve road safety.
- $69.6 million over four years to reduce the Opal Weekly Travel cap by approximately 20 per cent to $50 per week for adults and $25 per week for child/youth and concession travel from 1 July 2019 for all train, bus, ferry and light rail customers. This will benefit approximately 55,000 commuters with savings up to $686 a year. All other Opal benefits already in place will remain.
Western Sydney Education And Jobs Skills Growth
- $79.6 million over four years to deliver a new Western Sydney ‘Mega TAFE’ specialising in construction trades. It will provide modern facilities that support the delivery of specialised training in construction trades including carpentry, electrical and plumbing.
- $4.3 million over four years to provide a co-working startup hub in Western Sydney. This will provide subsidised and affordable work spaces and programs for businesses and start-ups.
Western Sydney Health
- $286.4 million in 2019-20 (as part of a $832.3 million project) for Stage 1 of the Westmead Hospital Redevelopment.
- $196.2 million in 2019-20 (as part of a $550 million project) for the Nepean Hospital and integrated ambulatory services redevelopment.
- $108.3 million in 2019-20 (as part of a $632 million project) for Stage 2 of the Campbelltown Hospital Redevelopment (including the Mental Health and South West Paediatric services).
- $66.7 million in 2019-20 (as part of a $95 million project) for Stage 1 of The Children’s Hospital at Westmead, with $8.2 million in 2019-20 (as part of a $619 million project) to commence Stage 2.
- $41.4 million in 2019-20 (as part of a $740 million project) for the Liverpool Health and Academic Precinct.
- $34.9 million in 2019-20 (as part of a $655.2 million project) for Stage 2 of the Blacktown and Mount Druitt Hospitals expansion.
Creating Western Sydney Sustainable And Liveable Communities
- Significant New South Wales and Federal Government investment in the Western Sydney International (Nancy Bird Walton) Airport and surrounding Western Sydney Aerotropolis. This entails significant infrastructure investment as well as planning for future skills, jobs and educational opportunities, supporting industries to leverage the new airport.
- Strategic planning for the region will ensure green and open spaces are embedded in future planning to create high amenity for existing and future residents.
Other Western Sydney Projects
- The creation of a new master-planning and delivery agency for the Western Parkland City (the Western City and Aerotropolis Authority), which will undertake planning for key strategic sites in the Western Parkland City.
- The New South Wales Government will progress formal commercial negotiations with a number of organisations including Mitsubishi Heavy Industries, Sumitomo Mitsui Financial Group, Hitachi (three of Japan’s biggest multinationals), Northrop Grumman, Vitex Pharmaceuticals, Sydney Markets, NUW Alliance (University of Newcastle, University of New South Wales, University of Wollongong) and Western Sydney University to establish a presence in the Aerotropolis.
- $60 million (2018-19 to 2020-21) towards developing local community initiatives under the Western Parkland City Liveability Program, a joint initiative with the Federal Government and various local councils. Round one projects include: new community amenities and upgrades to parks and recreational areas in the Blue Mountains.
- Development of three sport and recreation facilities in the Camden area upgrade of the Fairfield showground.
- Rejuvenation of the town centres of Windsor, Richmond and South Windsor a new community and recreational hub in Phillips Park, Lurnea.
- Transforming the Regatta Park precinct in Penrith delivery of the Campbelltown Billabong Parklands and a landmark and iconic swimming lagoon at Apex Park, Bradbury.
- $33.4 million to implement the NSW Motor Sport Strategy, including $6.4 million for a motor sport Centre for Excellence, $16 million to install permanent lighting at the Sydney Motorsport Park and $11 million to upgrade the Sydney International Dragway.
The recent budget is good news for property investors because of the continued commitment from the NSW Government to support Western Sydney that is home to over a third of the New South Wales population and is one of the fastest growing areas of the State.
If you are interested in learning more about the current investment opportunities in Western Sydney be sure to give the team at Plan Assist a call.