This past weekend the Gladys Berejikian lead Liberal Party was returned to power for another term – but what does this mean for property investors?
The Liberal Party went to the polls promising more of the same in terms of delivering large infrastructure projects that will have an effect on property markets across Sydney and NSW. Upgrading arterial roads including the M5 and M4, public transport to be boosted including the Light Rail project through Sydney, Western Sydney Airport going ahead and the Party’s plan for the development of a ‘Metropolis of Three Cities’, that is part of the Greater Sydney Regional Plan.
The Greater Sydney Region Plan, A Metropolis of Three Cities is built on a vision of three cities where most residents live within 30 minutes of their jobs, education and health facilities, services and great places. To meet the needs of a growing and changing population the vision seeks to transform Greater Sydney into a metropolis of three cities:
- the Western Parkland City
- the Central River City
- the Eastern Harbour City.
The vision brings new thinking to land use and transport patterns to boost Greater Sydney’s liveability, productivity and sustainability by spreading the benefits of growth.
A summary of the various infrastructure projects across Sydney for property investors to be aware of in support of this overall plan include:
Rail Infrastructure Across NSW
- more trains including 17 Waratah Series 2 trains and tracks across the state
- eight express services on the T1 Western Line during peak times
- a $6.4 billion pledge for new high frequency Sydney Metro West rail line between Parramatta and Sydney City
- A North-South Metro Line to Connect St Marys station with the upcoming Western Sydney Airport
- Ongoing plans include the Metro South West extension connecting Bankstown to Liverpool, the Metro North West Line and the completion of the Metro City & South West through Sydney CBD and out to Bankstown.
Road Infrastructure Across NSW
- Roads and buses in Sydney and regional NSW are set to be upgraded
- 14,000 weekly bus services added across Sydney, the Sutherland Shire, North Shore and Northern Beaches, the Blue Mountains, the Hawksesbury, the Central Coast, the Lower Hunter and the Illawarra.
- $1,.2 billion to relieve congestion including 500 traffic lights and addressing congestion in south-western Sydney
- $1 billion for regional council roads and bridges including doubling the lanes between Katoomba and Lithgow to four lanes
- 4000 car parks for Sydney Metro northwest plus Opal Park & Ride to be introduced to an additional 10 stations that includes 18 hrs of free parking
It will be an interesting four years for property investors as the NSW Government sets about delivering on their infrastructure plans and projects across Sydney and NSW.