Sydney centres to undergo urban renewal
Several Sydney locations are earmarked for major redevelopment in a bid to boost the supply of housing in the Harbour City.
Announcing the initiative on Saturday (March 16), minister for planning and infrastructure Brad Hazzard said eight areas have been identified as urban centres with the potential to accommodate 30,000 new residential properties.
He explained: "These Urban Activation Precincts are locations where people want to live that have good access to jobs and infrastructure.
"They are areas that can be renewed to provide additional housing and employment alongside new shops, cafes and parks."
A number of areas will also be rezoned for a range of commercial uses - potentially generating tens of thousands of jobs in close proximity to the new housing as a result.
The eight sites chosen include Epping Town Centre, Herring Road in Macquarie Park, North Ryde Station, Randwick, Anzac Parade, Carter Street in Homebush, Mascot Station and Wentworth Point.
The announcement may attract the interest of prospective buyers looking to purchase real estate in an area earmarked for major development - a factor that could boost the resale value of a property in the future.
Each precinct will share in the state government's $50 million investment to improve local infrastructure, parks and community facilities.