Increased infrastructure development set to help New South Wales town centers
The New South Wales government recently announced new road and infrastructure development in two town centres, which aims to help foster continued growth in the two areas in the near future. This could offer a great opportunity to secure property investment in these areas - both commercial property and residential real estate - ahead of further development.
Minister for Planning and Infrastructure Brad Hazzard announced the plans for Epping Town Centre and Carter Street, Lidcombe in a March 13 statement, and highlighted new local roads and intersections, community facilities and schools, alongside residential and commercial developments.
He went on to say this will provide vital infrastructure for around 9,250 new houses heading into the future.
"The community has said loud and clear that housing growth must be accompanied by infrastructure - particularly transport infrastructure - and that's what the O'Farrell government is getting on with delivering," said Mr Hazzard.
"Local road upgrades are also planned next year to make it easier for residents to get around their suburb, including upgraded intersections at Essex Street and Epping Road and Carlingford and Beecroft Roads and the widening of parts of Epping Road."
Other aspects of the Epping Town Centre development include creating capacity for around 3,750 new homes in the precinct, as well as a mixture of commercial and retail buildings across the area. More pavements, lights, street furniture and parks are also in the works.
Furthermore, the Carter Street, Lidcombe development will provide basic infrastructure and room for up to 5,500 new homes, while also accommodating for a range of commercial and retail buildings. A new primary school is also in the works, alongside a 1.8 hectare park and foreshore reserve along Haslams Creek.
"The rezoning proposal for the area around Carter Street, Lidcombe would see an old industrial site transformed into an attractive, vibrant community with access to Parramatta River to take advantage of the world-class infrastructure at Sydney Olympic Park," said Mr Hazzard.
New infrastructure is the backbone of continued development and investment for any property market. Improving the local community helps to spur on more interest in the area, which can help to propel it into the spotlight - catching the attention of potential buyers and investors alike.
This could offer a chance to secure residential property in a rapidly growing area of New South Wales, which could prove to be a great foresight. With the impending population growth heading towards the state, now is the best time to be expanding your portfolio.