Sydney's western suburbs set to experience growth in job offerings
Now could be the perfect time to consider buying rental properties in Western Sydney, with a recent announcement by the New South Wales government highlighting plans to move up to 3,000 jobs into these suburbs. As a result, this decision could reduce the amount of strain being put on the central business district and help to "rebalance" the city.
This could make for a fantastic property investment opportunity in one of Australia's most economically strong and stable regions. Urban Taskforce Chief Executive Officer Chris Johnson said that 200,000 people currently travel from Western Australia every day to work in the central business district.
By moving some of these people back into jobs in Parramatta, Penrith and Liverpool, the city will "rebalance" itself and help to spread growth across the city, which is essential to encouraging a viable, profitable environment for investment and the future.
Mr Johnson said the three main regional cities in Sydney need to be further developed as centres of work in order to encourage "robust growth in their urban areas". This is help to fulfill an increase in the New South Wales capital city's economic strength, with local government helping to support these rises.
"The 3,000 relocations should be the beginning of a bigger shift of jobs to the west of the city. The government now needs to give pre-commitments to the private sector development industry so that new office accommodation can be built in the key Western Sydney cities," said Mr Johnson in a March 21 statement.
With more growth in the Western suburbs of Sydney, there will also be an increase in the number of construction jobs and commercial property projects being undertaken in the area. Infrastructure is the backbone of civic growth, and the latest release from the state government highlights the desire for this to occur unhindered in the coming months.
"The Urban Taskforce believes that the government should determine through surveys just how many public servants currently live in Western Sydney and commute to the Sydney central business district. It is likely that tens of thousands of public servants are commuting from west to east each work day and then back again," said Mr Johnson.
Now could be a great time to give some serious consideration towards securing investment property in New South Wales and contributing towards the sustained growth of the area.