Development on the horizon for Illawarra
The New South Wales government revealed earlier this month a new development strategy for the Illawarra region - an encouraging sign for those thinking of buying a house there in the not-too-distant future.
Through this new strategy, the state government has identified that there needs to be 31,300 new residential properties constructed by 2031 in order to meet the demand of the growing population.
Here, the population is expected to reach 340,400 during this same period of time.
An introduction of over 30,000 new lots of residential real estate will not only be able to accommodate this population, but also improve the level of housing affordability in the region.
This is a much-needed outcome for New South Wales, where property prices keep gradually climbing higher.
For example, in nearby Sydney, median house prices have increased by 6.5 per cent for the year ending July 2013.
The discussion paper for the strategy released by the state government has shown that most of the houses needing to be constructed over the next 20 years will consist of detached houses, medium density terraces, and high density unit and apartment blocks.
Furthermore, the Illawarra Urban Development Program has identified large areas of residential lots of land to be released for development, some of which are already zoned for residential use. The areas of Tallawarra, West Dapto and Calderwood have all undergone recent rezoning.
At the same time, the government is also planning to boost the number of jobs in the Illawarra by the year 2031, and will be ensuring employment land is available for use.
The release of this strategy has been welcomed by the Property Council of Australia, with Illawarra Chapter Chair David Laing stating: "The release of this discussion paper is good news for our region and a timely reminder that we need to continue to work with government to remove the barriers that have contributed to an undersupply of zoned and serviced land for housing across the region."
Residents in the Illawarra have been invited by the government to submit their feedback on the strategy.
This will allow locals to have their say on what they would like to include in the strategy, or what they are unhappy with.
"Jump online, send an email, view the video - the most important thing to do is have your say on the future of the Illawarra - no idea is too small, or too big," said Lee Evans, member for Heathcote.