NSW settling into a big workload ahead
Whether you’re a fan or not, with the Liberal Party successfully re-elected to govern NSW there is a little more certainty about what legislative changes and infrastructure will be rolled out state-wide. You might be surprised at the changes ahead.
There’s a significant focus on generational upgrades to infrastructure which will facilitate the supply of more dwellings and impact housing prices. Property buyers – for homes as well as investments – would be wise to monitor the changes as the information will make the difference between successful strategic purchases, or significant major regrets.
See below for the list of more than 20 major activities scheduled for delivery over the next 10 years.
- No-interest loans of up to $9,000 per battery system and up to $14,000 per solar-battery system for owner-occupiers of a house with an annual household income of up to $180,000, available at some point in the future
- End of Liquor Licence Freeze in Sydney CBD and Kings Cross on 1 June 2019
- Opal Card reduced weekly cap to $50 starting from 1st of July 2019
- Sydney Metro North West Line (Rouse Hill Station to Chatswood) – Opening second quarter of 2019
- South Eveleigh (old Australian Technology Park) + Locomotive Workshop redevelopment due for 2020
- WestConnex, 2019 (M4 East), 2020 (New M5), 2022 (M4–M5 Link Main Tunnels), 2023 (Rozelle Interchange, Iron Cove Link & Sydney Gateway)
- Redevelopment of Bankstown-Lidcombe Hospital on a new site, to be complete by 2020
- NorthConnex, open to traffic in 2020
- Light Rail, open in May 2020
- The Ribbon, Darling Harbour. Q4, 2020
- An expanded NSW Arts Gallery, scheduled for 2021
- King Tutankhamun exhibition arrives to Sydney by 2021
- Refurbishment of the Olympic Stadium(ANZ Stadium) into a 70,000-seat world class rectangular stadium, to be finished by July 2021
- Rebuild of the Sydney Football Stadium(SFS, aka Allianz Stadium) into a new 45,000-seat stadium, to be completed by March 2022
- 8,300 new health related job positions created, including 5,000 nurses and midwives, 100 palliative care nurses, 1,060 doctors and specialists, 880 allied health workers and 1,360 support staff, all of those to be hired by 2023
- 4,600 new job positions for public school teachers, all of them to be hired by 2023
- Additional classrooms and upgraded facilities for religious and private schools by 2023
- Sydney Metro City & Southwest, starting at the end of 2024
- Rail line between St Marys and Badgerys Creek – (North South Rail Link) will open by 2026
- F6 extension – New M5 Motorway, Arncliffe to President Avenue, Kogarah – Stage 1 open to traffic by late 2024
- Halve street homelessness across the State by 2025
- Western Harbour Tunnel, open to traffic in 2026
- Northern Beaches Tunnel, open to traffic in 2026
- Nancy Bird Walton Airport (Western Sydney Airport) will be open in 2026.
Further details for the projects can be found here.
One key piece of legislation that is expected to progress is the ‘Low rise medium density’ planning regulations. This legislation was originally planned to come into effect on 6 July 2018 however many local NSW councils postponed the implementation until after the election. The new deadline is 1 July 2019 although each council will have some choice as to how they move forward.
Thanks to Gerard Cole Property (www.gerardcole.com.au) e: email@example.com, ph : 02 9568 1611 for compiling the project information.
Buy smarter = limitless ways to build lifetime income
Crave Property Advisory is a unique property strategy and buyers agent service. As the only independent and unbiased advisory that can help you use any property strategy Australia-wide, Crave’s services extend to home, investment and commercial property. A highly client focused organization, Crave developed the Modular Investing System (MI System) to provide clients with the ability to use a tailored mix of strategies and efficiently build profitable portfolios that create lifetime income.
Debra Beck-Mewing is the CEO of Crave Property Advisory, and has more than 20 years’ experience in property investing, Australia-wide. She has used a range of strategies to build her property portfolio including renovating, granny flats, sub-division and development. Debra is skilled in identifying development opportunities, and sourcing properties that have multiple uses and multiple exit strategies. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business.
Follow us on facebook.com/CravePropertyAdvisory for regular updates, or book in for a strategy session to discuss your property questions.