New NSW commitments for housing and infrastructure in Sydney
Housing supply is about to increase in Sydney's western region, as the New South Wales government has announced plans to build 3,200 homes.
As a result, investment residential property could be a lucrative option in this area for those who want to take advantage of population fluctuations in coming years.
This comes after a fantastic year of development throughout the state ahead of the projected population boom, with the number of people living in the city expected to grow exponentially.
Furthermore, the development of infrastructure to support this growth could be a great indicator of potentially profitable regions - making them perfect for property investment in the coming months.
New South Wales Premier Barry O'Farrell said the housing and construction boom was being encouraged by the government unlocking more land for the development of new homes in the area, providing plenty of accommodation for the expected influx of families.
"We are making homes more affordable and in the process Western Sydney is being transformed into a tradies paradise, with the creation of thousands of jobs in the construction sector," Mr O'Farrell said in a December 28 statement.
"The latest figures released by the Australian Bureau of Statistics show a total of 44,628 new homes were approved in the 12 months to October 2013, the highest level since 2005."
Minister for Planning and Infrastructure Brad Hazzard went on to say the latest commitment of 3,200 homes will be constructed in the Catherine Field precinct, with the first lots of land going up for sale in early 2014. This could be great news for those interested in buying land in the near future.
Alongside the unlocking of this land, Mr Hazzard said that $30 million worth of essential infrastructure would be provided alongside the region's growth, with Catherine Field being the seventh major precinct to be rezoned as a Growth Centre in Western Sydney.
Treasurer Mike Baird also highlighted the jump in first home buyers experienced in 2013, which he said was encouraged by the growth of state-funded buying and building incentives.
"Since January, the New South Wales government has helped a total of 6,368 first homebuyers get into a new property - an increase of almost 80 per cent compared with 2012 figures," said Mr Baird in a December 28 statement.
This could provide a fantastic opportunity for first home buyers and investors alike, with the Sydney property market offering a wide range of opportunities for the coming year.