Property development for Parramatta in near future
Parramatta North will be transformed into a significant suburban area in what has been dubbed Sydney's second central business district, with the master plan being developed by UrbanGrowth New South Wales - one of five projects to be headed by the organisation, according to Planning and Infrastructure Minister Brad Hazzard in a recent statement (March 8).
"In the past week Parramatta was named the most liveable centre in Sydney with the greatest potential for urban renewal. This project will provide improved social, cultural and recreational infrastructure as well as significant economic benefit for Parramatta and Western Sydney," said Mr Hazzard.
Furthermore, the Property Council of Australia has supported the development of growth areas in Sydney, with New South Wales Executive Director Glenn Byrnes highlighting the accelerated rate of investment, housing development and job growth in these regions.
"These are the game-changing projects we need to start radically increasing housing supply and tilt the balance back in favour of the dream of home ownership. But urban renewal can also turbo-charge the evolution of our global city by producing best practice outcomes in design, amenity and sustainability," said Mr Byrnes in a March 10 statement.
The residential and commercial development of the 146 hectare riverside site will help to bring the region into the future and provide a number of opportunities for property investment and economic growth, with the Chief Executive of UrbanGrowth New South Wales David Pitchford stating the masterplan will enable the "restoration and revitalisation" of the area.
Parramatta already has a population of 2 million people (one in 11 Australians), which is expected to grow to 2.9 million by 2036. Therefore, a plan for future development in the area is essential to help the region prepare for this population growth.
UrbanTaskforce Chief Executive Officer Chris Johnson said the development of these plans for the region are a clear indication of the shift towards urban living being seen across the nation.
"The Parramatta Road urban renewal project has enormous potential to develop a new mixed use approach to apartment living along with inner urban jobs and retail," said Mr Johnson in a March 10 statement.
The group supports the efforts being made to provide an increased number of housing options ahead of large population increases in the near future. With these developments set to happen over the next few years, now could be the perfect time to consider property investment in these areas.