Investors who keep tabs on state spending and infrastructure projects should pay close attention to the newly-expanded list of urban activation precincts planned for Sydney.
These precincts are intended to cater for Sydney’s rapidly growing population.
With over 1.6 million extra people predicted to be living in Sydney by 2031, the city needs 664,000 more homes.
Via the precincts, the state government aims to deliver more homes in places with access to infrastructure, transport, services and jobs.
Further benefits to the community will include greater housing choices, increased amenities, services and improved public spaces.
Just last week, the NSW government added a further three precincts, all near Sydney’s planned North-West rail link, to the existing list of eight.
The newly announced precincts are:
- Kellyville Station
- Showground Station
- Bella Vista Station
The existing precincts are:
- North Ryde Station
- Epping Town Centre
- Herring Road, Macquarie Park
- Anzac Parade South
- Carter Street, Lidcombe
- Wentworth Point
- Mascot Station
The Property Council of Australia’s NSW executive director Glenn Byres said the scale of investment in the new rail line was unprecedented, so it made sense to leverage off it with new hot spots for growth.
Escalating population growth in the west meant it was necessary to hasten investment in new housing and employment opportunities, he said.
“Lifting densities around station precincts will improve housing yield from targeted sites and help enhance housing supply, choice and affordability.”
However, he added that councils also had to play their part and ensure local planning controls reflected the objective of adding to the vibrancy of key centres.
He also repeated an earlier call for the state to set a sustained program for delivery of the precincts – in order to close Sydney’s housing supply gap.
“Turbo-charging production is the best way to tilt the balance back in favour of homebuyers.”
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