Sydney CBD infrastructure set for upgrade following anticipated population growth
Property investment opportunities are likely to increase as Sydney receives infrastructure upgrades in order to prepare for the predicted population growth in the coming years.
Plans unveiled by the New South Wales Government earlier this week (September 11) highlight a detailed plan that outlines the various changes that are going to happen in Sydney's central business district in order to cope with population increases.
Among the key initiatives are plans to create a light rail between Circular Quay and Central in order to move more than 9,000 people per hour and helping to reduce over 200 busses from already congested streets.
Furthermore, public transport priorities are becoming increasingly important in order to move people into and out of the city easily, without compromising time or efficiency.
Minister for Transport Gladys Berejiklian said that these infrastructure upgrades are a necessity in order to maintain Sydney's status as a leading economic hub in Australia - with the city generating more than $70 billion annually.
"More than 630,000 trips are made into the city centre every weekday and this is set to increase by about 150,000 trips a day by 2031," said Ms Berejiklian in a September 11 statement.
"The NSW Government is acting now to find smart solutions to keep our city moving, and we have already committed to constructing light rail through the Sydney CBD from Circular Quay to Randwick and Kingsford to reduce congestion, remove many buses clogging the streets, and revitalise the city."
Opportunities for commercial property investment in the growing metropolitan capital of NSW could be a fantastic chance for anyone interested in entering the real estate market, with the option to be a part of Sydney's future.
These infrastructure changes have been praised by the Property Council of Australia, which has stated that the moves to overhaul the traffic systems and pedestrian flow will help to increase productivity and boost the city's economy.
NSW Property Council Executive Director Glenn Byres said that it was time to take "serious strides to unwind congestion in the city".
"Sydney's CBD has a constrained footprint by global standards. That puts a premium on space and we need to use it efficiently," said Mr Byres in a September 11 statement.
"The productivity, amenity and vibrancy of the city depend on it. A suite of solutions that improve the flow of traffic and pedestrians, escalate capacity across public transport and better integrate modes is welcomed."
He went on to state that with 100,000 new jobs needed in the NSW capital over the coming 20 years, as well as a need for more residential property, it was essential for the government to "move now on initiatives that can anticipate and accommodate future growth".