The Sydney Metropolitan Strategy says Sydney needs to cater for an extra 1.12 million people in the next 25 years. It remains the most preferred destination for the 146,000 or so migrants taken in each year. So, be prepared for the hundreds of new apartment towers and town houses that will sprout up in established suburbs along the train lines and bus routes in the coming 25 years.
As the population balloons to 5.3 million by 2031, 640,000 new homes will be needed. About a third will be directed towards new releases in places such as Rouse Hill but the rest -some 440,000 homes- are to be built in established suburbs. The most development will be in the CBD, equating to about 55,000 new homes by 2031.
The plan is to have these homes concentrated around established suburbs within walking distance to shops and services. It is envisaged that two-thirds of the extra homes built in the next 25 years will be within 800m of a train station or 400m of high frequency bus services in the morning peak time. About a third of this type of development will be in the inner west while about 42 percent will be directed towards the west-central region taking in Parramatta and Fairfield.
Large infrastructure development can be an important leading indicator for future population movements and hence property prices. Whenever a sizeable piece of infrastructure is opened, you have an impact on the local market. The M7 and M4 freeway and link systems in Sydney will have a “profound” effect on population shifts.
This was very evident on the Gold Coast as a result of the Brisbane to Robina rail link. The centre of Sydney is moving west ward and the new road infrastructure has accelerated this. The Cross City Tunnel has made coffee in Norton Street, Leichhardt an easy option for Bondi residents.