NSW budget invests in regional areas
The recent 2014/15 New South Wales state budget makes a major commitment to the state's regions, which will see property owners reaping big benefits.
The NSW government has launched its Rebuilding NSW plan, which will see a variety of projects started to transform life for residents across the state. Those considering whether or not to nab themselves a piece of residential real estate in regional NSW will especially want to keep an eye on developments.
The collection of projects will be rolled out in the middle of 2015, to allow enough time for public consultation.
Roads and water to get boost
Regional New South Wales will in particular see a massive share of investment, with $6 billion going to improve water, schools, roads and hospital infrastructure. That's around 30 per cent of the total $20 billion of new infrastructure investment. This may be intriguing news if you're a first time buyer who's been considering settling in a regional area.
The Regional Roads Fund will build and upgrade roads and bridges in regional areas with a price tag of $1 billion. This will not only improve safety for ordinary residents. It also has the potential to improve regional economic performance by allowing vehicles to more easily transport produce to different markets.
The creation of an efficient road network is particularly important given the long distances between destinations in regional NSW. Regional manufacturers and primary producers will be able to transport goods more efficiently to markets both domestic and international. If it goes as planned, not only will this feed into the health of the economy, but transportation costs will fall for businesses, which will make lower prices for Australians.
The state's water infrastructure will likewise see a $1 billion overhaul. The funding will help ensure regional and rural areas will continue to get a steady long-term water supply, which will help alleviate the effects of drought.
As well as this, the budget aims to ensure the quality of drinking water and wastewater treatment quality in regional towns and villages. The funding will also ensure that regional NSW continues to be protected from flood events, and will investigate the need for more regional dams. This all has the potential to make life much easier for rural property owners in the state.
Budget accommodates growth
NSW Premier Mike Baird explained that the massive investment was driven by the need to keep up with the state's rapid growth.
"Our roads and rail networks, our schools and hospitals, and our water infrastructure have not kept up with our growing population," Mr Baird commented in a June 11 release.
Indeed, according to the Australian Bureau of Statistics, the state's population grew by 1.4 per cent between 2012 and 2013.