Growing strength in New South Wales highlighted by development and economic growth
A new affordable housing complex is the latest development to be announced in New South Wales - highlighting the growing strength of the state and the early preparation for increased housing demand in the coming years.
The complex will be built in North Eveleigh after Minister for Planning and Infrastructure Brad Hazzard announced the blueprints in a statement earlier this week (March 25). The project is expected to take about 12 months and will result in 88 brand new units within walking distance of the central business district. Furthermore, 39 new car parks and lockable bike racks will also be a part of the project.
"This building is not the end - there is another $24 million immediately available for affordable housing projects within the Central to Eveleigh rail revitalisation precinct, stretching from Cleveland St, Redfern to Macdonaldtown Station," said Mr Hazzard in a statement.
"The New South Wales government is building for the future - over coming years Central to Eveleigh will produce jobs and housing in an environment perfectly suited to increased densities for people who love living in the inner city and the lifestyle it offers."
A further 50 new dwellings could be built from this additional funding, which will help to maximise the amount of housing in the area. Mr Hazzard said good planning involved having a mixture of people living in the inner city - with affordable housing projects like this one being the key to unlocking this.
Furthermore, the latest release from Deloitte has highlighted the growing strength of New South Wales' economy in the coming years.The report found the state showed a strong performance across multiple industries, which could lead to strong conditions for residential property investment.
New South Wales Managing Partner of Deloitte John Meacock said a number of trends in the state are making the region a potential powerhouse for economic growth over the next two decades, following the expected population boom heading towards the nation.
"These new growth opportunities also play to New South Wales' strengths. For example, Sydney is Australia's financial hub, with nearly a third of jobs in the Sydney central business district in the finance sector," said Mr Meacock in a March 24 statement, illustrating the increasing economic potential of people living in the central district of the state's capital city.