NSW infrastructure investment praised
The New South Wales government's massive infrastructure investment in the latest budget will raise living standards for the state's residents.
The government has put aside $20 billion to "turbocharge infrastructure across the state", according to a June 11 release by NSW Premier Mike Baird.
"We all know we live in the greatest state in the greatest country on earth, but we also know, as a community, that a number of significant challenges have built up over time," he explained.
The investment will aim to provide solutions to these challenges, improve quality of life for NSW residents, as well as increase workplace productivity, transforming the state into a hot spot for buying residential property. It comes on top of the government's four-year, $60 billion infrastructure program.
Some of the projects due to come of this funding are improvements to Sydney's road network, a new Harbour rail tunnel for the NSW capital and funding for regional areas.
WestConnex motorway links north and south Sydney
One of the major projects is the planned extensions to the WestConnex motorway in Sydney, which will run from the city's north, through Darling Harbour, ANZAC Bridge and the CBD down to the south.
Having a western corridor will reduce pressure on the existing Eastern Distributor, making life easier for motorists.
"M4 motorists travelling from Parramatta to Sydney's CBD could completely avoid the City West Link and travel a motorway road all the way to the city," noted Mr Baird.
Not only that, but the project stands to benefit the state in other ways. An estimated 10,000 jobs will result from the construction of the extensions, and it is expected to bring in $20 billion worth of benefits to NSW.
Infrastructure spending praised
Housing industry body the Property Council of Australia praised the efforts by the government to update infrastructure, which it believes will improve the already stellar prospects for residential real estate in NSW.
"This is a budget that goes for growth - and is built on the back of a rising housing construction market," said Property Council's NSW Executive Director Glenn Byres.
Mr Byres further stressed the importance of the housing industry to the state, recognised in the state budget.
"It emphasises the critical significance of the property industry - which creates one in 10 jobs in NSW and pays over $16 billion in wages to workers and their families. Spending across major projects and basic urban infrastructure to support new housing is a good blend."
If you're a first time buyer, the range of new investments in amenities across the state could make you consider New South Wales.