Western Sydney undergoes over $12 billion in infrastructure developments
Sydney has always been a bastion for economic growth in the state, and the latest report from the NSW Department of Planning and Infrastructure has highlighted the impressive amount of investment going into Western Sydney's development.
According to the report, over the year 2012/13 there has been over $12 billion worth of project approvals for developments in the region. This could be great news for anyone considering buying a house in the region, or potential property investment in the future.
Much of this development stems from the $8.5 billion dedicated to the construction of the North West Rail Link, which aims to facilitate the city's public transport infrastructure and provide an improved option for commuting to and from the city into the outer suburbs.
Furthermore, $2 billion has been dedicated to the development of the Sydney West Joint Regional Planning Panel, which will help the area to continue growth. With the projected population influx in the coming years, preparing for this is essential to sustain Sydney's integrity.
Minister for Planning and Infrastructure Brad Hazzard said that with all the developments in the area, the New South Wales government is dedicated to commit at least 50 per cent of all new jobs in the city to Western Sydney.
Mr Hazzard said that Western Sydney was the pivotal to New South Wales' economic development, with government and private sector investment in areas like infrastructure, housing and employment aimed at putting the city back in the "driver's seat" to make the state flourish.
The approved projects in Western Sydney during the last year had a higher value than all other state significant projects throughout the rest of New South Wales, which will produce almost 4,000 new full-time jobs in the future. A further 21,000 direct and indirect jobs will be generated during construction phases.
This region is expected to be a growth area, which could provide incentive to secure investment property in Western Sydney. It could prove to be lucrative for smart buyers in the current market, especially with the high level of sentiment from buyers.
Mr Hazzard also commented on the increasing confidence of the construction industry in the region, which he expects to be a strong job provider in the coming years.
He said Western Sydney accounted for 49 per cent of all approvals in the Sydney region during 2012/13, with a new planning system expected to provide a further 2,000 more jobs in the residential construction industry.